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Home›Gold and Precious Metals›Gold trades higher after breaking string of 4 straight weekly declines

Gold trades higher after breaking string of 4 straight weekly declines

By Megan
May 23, 2022
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Gold futures gained ground Monday, finding support after snapping a string of four straight weekly declines.

Gold for June delivery
GC00,
+0.97%

GCM22,
+0.97%

rose $20.50, or 1.1%, to $1,862.60 an ounce on Comex, after rising 1.7% last week as it bounced back from a three-month low. July silver
SIN22,
+2.13%

was up 2.4% at $22.185 an ounce.

Gold found support last week as Treasury yields, which move opposite to price, continued a retreat after the 10-year rate hit a 3 1/2-year high earlier this month. Rising yields can be a negative for gold because they raise the opportunity cost of holding nonyielding assets. A weaker dollar also helped gold, making commodities priced in the unit less expensive to users of other currencies.

Gold last week “benefitted from the combination of falling interest rates (nominal and real) and a pullback in the recently relentless dollar rally,” wrote analysts at Sevens Report Research in a Monday note. “Looking ahead, gold remains in a countertrend pullback in an otherwise upward-trending market, but we will continue to watch real rates and the dollar as key influences. If they make new highs, it will be very difficult for gold to hold above $1,800” an ounce.

In other metals trade, July copper
HGN22,
+1.43%

rose 1.5% to $4.341 a pound.

July platinum
PLN22,
+3.05%

jumped 3.2% to $971.30 an ounce, while June palladium
PAM22,
+3.24%

rose 3.7% to $2,010.50 an ounce.

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Tagsarticle_normalC&E Exclusion FiltercommodityCommodity MarketsCommodity/Financial Market NewsContent TypesEnergyFactiva Filtersfinancial market newsGC00GCM22Gold Continuous ContractGold Jun 2022Gold MarketsHeadline-Only ContentMetals MarketsPrecious Metals MarketsSilver Jul 2022SIN22
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