gold

Gold Drops but Market’s Intraday Rebound Pushes Above $1,800

Gold futures closed lower on Wednesday, but the precious metals closed above the psychological price level. The last decline was even greater, dragging it below $1,800, which has been difficult to maintain above this price since November.

The price of gold fell due to a weaker U.S. dollar and rising yields on longer-term Treasury bonds.

So far, in 2021, gold has fallen by nearly 5% and is expected to set its biggest annual decline since 2015. However, investors expect gold trading to remain light and range-bound for the rest of the year.

February gold traded at $5.10 or 0.3%, closing at $1,805.80 per ounce, and fell to an intraday low of $1,789.10 after rising 0.1% on Tuesday, and then hit an intraday high of $1,821.60 before the gains subsided.

Gold futures have been trading in a relatively narrow range in the past month because of concerns about the omicron variant of the coronavirus and uncertainty about the effectiveness of anti-inflation policies that have hit the market.

Besides Gold, how Have the Other Precious Metals Performed?

At the same time, after falling 0.9% on the previous trading day, silver futures for March delivery fell 26.3 cents, or 1.1%, to close at $22.858 per ounce. So far this year, silver has fallen by more than 13%.

After falling 0.9% on Tuesday, copper for March delivery fell 2 cents, or about 0.6%, to close at $4.413 per pound. Copper futures based on consecutive contracts are up 25% this year.

Following a similar increase on Tuesday, the price of platinum fell by US$10.90, or 1.1%, to close at US$968.50 per ounce. After rising 0.9% a day ago, the most active April platinum contract fell US$9.80, or 1%, to close at US$970 per ounce. So far, platinum is likely to fall by 10% by 2021.

After rising by 2.8% on Tuesday, palladium for March delivery traded at $13.60, or 0.7%, to close at $1.98 per ounce. However, so far this year, precious metals have fallen by more than 19%.

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