Gold tallied back-to-back session gained Thursday, as the precious metal tried to clamber off five-week lows struck earlier this week.
With prices for the metal having fallen eight times in 11 sessions, “gold was due a bounce,” said Mark O’Byrne, research director at GoldCore in Dublin. “A slight uptick in risk aversion as seen in weaker equity markets [on Wednesday and early Thursday] is likely supporting gold.”
August gold GCQ7, +0.16% added $3.60, or 0.3%, to settle at $1,249.40 an ounce after tacking on about 0.2% a day earlier. That was the highest settlement since Friday and it comes just three days after the contract finished Tuesday at its lowest since May 16, according to FactSet data. July silver SIN7, +0.40% gained 13.5 cents, or 0.8%, to $16.509 an ounce.
8月交割的黄金期货上涨3.60美元，涨幅为0.3％，至每盎司1249.40美元，周三金价涨幅为0.2％。 根据FactSet的数据，这是金价自周五以来最高的收盘点，三天前金价曾在本周二收盘在5月16日以来的最低水平。 7月交割的白银期货价格上涨13.5美分，涨幅为0.8％，至每盎司16.509美元。
The closely watched dollar index DXY, +0.01% traded little changed as gold prices closed, lessening the currency-related headwind for commodities priced in the currency, including gold. A stronger dollar tends to make assets pegged to the buck more expensive to buyers using other monetary units. U.S. equities, meanwhile, traded mostly higher after an earlier struggle for direction.
Gold came under pressure earlier in the week, and that downbeat tone continues to cloud the market, as recent comments from Federal Reserve officials raised expectations for further increases in interest rates this year. Higher rates dull the demand for gold in favor of investments that do offer a yield.
Some Fed members do inject doubt about the speed of the central bank’s response to roll back easy monetary policy. In an interview with the Financial Times Wednesday, Philadelphia Fed President Patrick Harker said he advocated a “pause” on rate increases, while the central bank starts to pare its $4.5 trillion balance sheet.
With the Fed decision earlier this month to raise rates, as expected, out of the way, “we believe that gold will likely eke out gains,” said O’Byrne. “The precious metal will likely test and surpass the $1,300 per ounce resistance level in the course of the summer.”