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Gold futures traded just shy of their highest level since April on Monday as the yellow metal looked to extend its gains after booking its fifth straight weekly advance.
Price action
-
Gold for February delivery
GC00,
-0.36% GCG23,
-0.36%
declined by 2 cents, or less than 0.1%, to $1,922 per ounce on Comex. -
Silver for March delivery
SI00,
-4.03% SIH23,
-4.03%
declined by 37 cents, or 1.6%, to $23.56 per ounce. -
April platinum
PLJ23,
-0.27%
declined by $1.40, or 0.1%, to $1,045 per ounce while March palladium
PAH23,
-0.71%
fell by $22.70, or 1.2%, to $1,703 per ounce. -
Copper for March
HGH23,
-0.05%
was flat at $4.25 per pound.
Market drivers
As gold prices continued to climb on Monday, investors wondered whether the yellow metal would reach a fresh all-time high this year, according to a note from Kitco Metals.
“The gold bulls are starting to discuss a new record high being set this year. The present all-time high in Comex gold futures is $2,078.80 per ounce, scored in March of 2022,” wrote senior analyst Jim Wyckoff, senior analyst.
The price of gold has risen by 10% since Oct. 24, roughly three months ago.
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