Latest News

Metals Stocks: Gold ends 2022 near 6-month high

0

Gold futures were little changed on Friday as the yellow metal looked set to finish 2022 just shy of a six-month high.

Price action

Gold for February
GCG23,
-0.11%

delivery was off 0.1% at $1,824 an ounce on Comex.

March silver
SIH23,
-0.95%

shed 33 cents, or 1.4%, to $23.925 an ounce.

Palladium for March
PAH23,
-2.91%

shed 3% to $1,762 per ounce, while April platinum
PLJ23,
+0.90%

rose 0.7% to $1,073 per ounce.

March copper prices
HGH23,
-0.61%

fell 2 cents, or 0.6%, to $3.80 per pound.

Market drivers

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.

Market Extra: The U.S. dollar surrendered its status as the world’s premier safe haven in Q4. Here’s how.

Previous article

Bond Report: Treasury yields post record rise in worst year ‘within any of our lifetimes’ for bond investors

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News