Gold prices traded slightly lower on Thursday but remained within striking distance of the yellow metal’s all-time closing high for a most-active futures contract.
Price action
-
The June gold contract
GC00,
-0.39% GCM23,
-0.39%
was off by $2.60, or 0.1%, to $2,035 per ounce on Comex. -
Silver futures for May delivery
SI00,
-0.33% SIK23,
-0.33%
gained 4 cents, or 0.2%, to $25 per ounce. -
June palladium
PAM23,
+0.40%
bwas flat at $1,425.300 an ounce, while July platinum
PLN23,
+0.34%
gained $9, or 0.9%, to $1,016 per ounce. -
Copper for May delivery
HGK23,
+0.43%
gained 3 cents, or 0.7%, to $4.015 per pound.
Market drivers
Both gold and silver touched their highest levels in a year a day ago. Now prices are consolidating as recession fears drive inflows into previous metals, analysts said.
Bulls were still firmly in control of the market, analysts said.
“Technically, the gold futures bulls have the strong overall near-term technical advantage,” said Jim Wyckoff, a senior analyst at Kitco.com.
This post was originally published on Market Watch
