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Gold prices pulled back Tuesday after briefly breaking above $2,000 per ounce for the first time in a year.
Although fears about the banking system eased ahead of the Federal Reserve’s interest rate decision on Wednesday, some analysts are wondering if it’s only a matter of time before the yellow metal returns to its all-time high above $2,060 per ounce.
Price action
-
Gold futures for April delivery
GC00,
-0.82% GCJ23,
-0.82%
fell by $9.70, or 0.5%, to $1,973 per ounce on Comex. -
Silver futures for May delivery
SI00,
-0.29% SIK23,
-0.29%
gained 2 cents, or 0.1%, to trade at $22.67 per ounce. -
Palladium futures for June delivery
PAM23,
-0.11%
were marginally higher at $1,402 per ounce, while platinum futures for April delivery
PLJ23,
-0.66%
fell by $9, or 0.9%, to $988 per ounce. -
Copper futures for May delivery
HGK23,
+1.77%
gained 7 cents, or 1.7%, to $4.02 per pound.
Market drivers
Although gold prices were on the backfoot Tuesday, precious metals analysts said the momentum remained in gold’s favor.
“With heightened uncertainty following the demise of Silicon Valley Bank and travails of Credit Suisse, global financial markets have been placed on the back-foot, leading many to increase their exposure to gold,” said Stuart O’Reilly, market insights analyst at the Royal Mint.
“The big question for many in the markets now is: will gold soon reach its all-time high of $2,067.15?” O’Reilly added.
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