Gold prices traded slightly higher on Thursday and may snap a 7-day losing streak, the longest string of losses for the yellow metal in more than three years.
- Gold futures set to expire in August GC00, +0.32% GCQ22, +0.32% were up $6.50, or 0.4%, to $1,742. on Wednesday, gold finished trading at its lowest settlement level since September, 2021.
- Silver futures set to expire in July SIN22, +0.86% were up 21 cents, or 1.1%, to $19.37. Silver futures had also traded higher on Wednesday, when they snapped a five-day losing streak.
- Palladium futures set to expire in September PAU22, +2.49% were up $56, or 3%, to $1,952 per ounce.
- Platinum futures set to expire in October PLV22, +2.75% were up $23.80, or 2.8%, to $864.
- Copper futures expiring in September HGU22, +3.99% were up 13 cents, or 3.9%, to $3.541.
What analysts are saying
After a historic decline for most commodities, from oil to industrial metals and agricultural commodities like wheat, prices were slightly higher Thursday. as copper and oil climbed on Thursday.
To be sure, most commodity prices remain sharply lower over the past month, with crude down nearly 17% and copper down 20%.
Also, the U.S. dollar retreated on Thursday, helping to ease the downward pressure on gold and industrial commodities. The ICE U.S. Dollar Index, a measure of the dollar’s strength against a basket of its rivals, was down 0.2%.
“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.