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Gold and silver prices continued to climb on Monday after cementing their best weekly performance since March.
Price action
-
Gold futures
GC00,
+0.19% GCZ22,
+0.19%
for December delivery gained $6.70, or 0.4%, to $1,788 per ounce. -
Silver futures
SI00,
+0.88% QIU22,
+0.82%
for September delivery advanced 24 cents, or 1.2%, to $20.44. -
Palladium futures
PA00,
+2.64% PAU22,
+2.64%
for September delivery gained $44, or 2.1%, to $2,174 per ounce, while platinum futures
PL00,
+2.16% PLU22,
+1.24%
for October delivery gained $14.30, or 1.6%, to $904 per ounce. -
Copper
HG00,
+0.17% HGU22,
+0.17%
for September delivery was flat at $3.56 per pound.
What analysts are saying
Strategists warned that the latest rally — the biggest for gold and silver since March — has been driven by the perception that the Federal Reserve is planning to slow the pace of rate hikes. Rupert Rowling, a precious metals strategist with Kinesis Money, warned that it could reverse if investors abandon the view that the Fed is already slowing the pace of rate hikes in response to a slowing U.S. economy.
“A large portion of markets’ recent bounce, which gold has also been a beneficiary of, has been predicated on future Fed rate hikes being smaller with fewer of them required. If this proves a false dawn then a fresh slide of both equities, particularly growth stocks, and gold can be expected,” Rowling wrote in an emailed note viewed by MarketWatch.
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