Gold futures were little changed on Friday as the yellow metal looked set to finish 2022 just shy of a six-month high.
Gold for February
delivery was off 0.1% at $1,824 an ounce on Comex.
shed 33 cents, or 1.4%, to $23.925 an ounce.
March copper prices
fell 2 cents, or 0.6%, to $3.80 per pound.
Prices of both gold and silver are set to climb this week as a softer dollar helped bolster precious metals prices while traders continued to bet that the Federal Reserve could start to cut interest rates again some time next year, market strategists said.
A rally that began in early November remains intact, and the yellow metal is still “in a near-term uptrend,” according to commentary from Sevens Report Research. But with inflation still raging, the risk of another “hawkish shock” from the Federal Reserve remains.
Meanwhile, reports of a spike in COVID-19 cases in China has helped to weigh on copper prices, which are particularly sensitive to expectations for global growth.