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Gold prices climbed on Thursday, looking to snap a seven-day losing streak — the longest string of losses for the yellow metal in more than three years.
Price action
-
Gold futures for August delivery
GC00,
+0.44% GCQ22,
+0.44%
were up $7.90, or 0.5%, to $1,744.40 an ounce. On Wednesday, gold finished at its lowest settlement level since September, 2021. -
July silver
SIN22,
+1.21%
rose 23.6 cents, or 1.2%, to $19.395 an ounce. Silver futures had also traded higher on Wednesday, when they snapped a five-day losing streak. -
September palladium
PAU22,
+4.60%
added $86.70, or 4.6%, to $1,983 per ounce. -
October platinum
PLV22,
+2.13%
added $23.10, or 2.8%, to $864 an ounce. -
September copper
HGU22,
+3.74%
tacked on 14.1 cents, or 4.1%, to $3.5485 a pound.
What analysts are saying
The U.S. dollar retreated on Thursday, helping to ease the downward pressure on gold and industrial commodities. The ICE U.S. Dollar index
DXY,
a measure of the dollar’s strength against a basket of its rivals, was down 0.1%.
“The sell-off for gold prices over the last two days has been intense due to the strength of the dollar,” said Naeem Aslam, chief market analyst at Avatrade.
Read: Here are some of the challenges gold investors face in the second half of 2022
A positive settlement in gold futures Thursday would mark the first in eight trading sessions. On Wednesday, the precious metal logged its seventh straight decline, the longest streak of losses since the seven-session drop ended March 5, 2019, according to Dow Jones Market Data.
“The path of least resistance remains down despite the massive short-term oversold technical condition of gold,” analysts at Zaner wrote in Thursday’s newsletter. “Unfortunately for the bull camp, the dollar remains near contract highs with the currency trade viewing the dollar as an ongoing dominating force.
Also, the release of the Federal Reserve’s June meeting minutes late Wednesday provided “hawkish/bearish gold dialogue as the committee discussed the potential for even more restrictive policies to bring inflation under control,” the Zaner analysts said.
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