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Gold prices edged higher on Friday after the most-active contract settled at its lowest level in about nine weeks a day earlier.
Expectations that a deal on the U.S. debt-ceiling could be reached in the coming days are helping to support the yellow metal, analysts said, by causing the dollar to soften.
Price action
-
Gold futures for June delivery
GC00,
+0.50% GCM23,
+0.50%
gained $9.20, or 0.5%, to $1,952.80 per ounce on Comex. -
Silver futures for July delivery
SI00,
+1.94% SIN23,
+1.94%
gained 39 cents, or 1.7%, to $23.30 per ounce. -
Palladium for June delivery
PAM23,
+1.83%
gained $33.80, or 2.4%, to $1,452 per ounce, while platinum for July delivery
PLN23,
+0.95%
rose by $9.50, or 0.9%, to $1,035 per ounce. -
Copper for July delivery
HGN23,
+2.26%
gained 8 cents, or 2.2%, to $3.68 per pound.
Market drivers
Precious metals analysts are questioning whether gold’s pullback from its multiyear highs reached in early May is a sign of further declines to come, or just a short-lived pause before the yellow metal trudges higher.
“Yet while gold is undoubtedly trending downward currently, it is worth remembering that $1,950 an ounce remains a very high level historically for the precious metal and it is still trading well over $100 an ounce higher than where it was at the start of the year,” said Rupert Rowling, a market analyst for Kinesis Money, in emailed commentary.
Gold has lagged behind as the U.S. dollar has moved higher. A stronger dollar makes gold less affordable for buyers using foreign currencies.
The ICE U.S. Dollar Index
DXY,
a gauge of the buck’s value against its main rivals, was off 0.3% at 103.91.
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