{"id":20659,"date":"2023-06-09T19:06:09","date_gmt":"2023-06-09T23:06:09","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-prices-finish-higher-look-to-score-a-gain-for-the-week\/"},"modified":"2023-06-09T19:06:09","modified_gmt":"2023-06-09T23:06:09","slug":"gold-prices-finish-higher-look-to-score-a-gain-for-the-week","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=20659","title":{"rendered":"Gold prices finish higher, look to score a gain for the week"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002152730\" role=\"document\">\n<p>Gold futures settled higher on Thursday, recouping most of  losses from a day earlier that pulled prices to their lowest finish in just over a week.  <\/p>\n<p>The precious metal found support from weakness in the U.S. dollar following U.S. data showing a weekly rise in the number of people who applied for unemployment benefits to a nearly two-year high. <\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold for August delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.15%<\/bg-quote><\/p>\n<p>        GCQ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/229917075\/delayed\" class=\"negative\">-0.15%<\/bg-quote><br \/>\n       rose $20.20, or 1%, to settle at $1,978.60 an ounce on Comex after losing 1.2% on Wednesday. Prices for the contract eye a weekly rise of around 0.5%, FactSet data show.<\/p>\n<\/li>\n<li>\n      July silver<br \/>\n        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"positive\">+0.19%<\/bg-quote><br \/>\n       climbed 82 cents, or 3.5%, at $24.35 an ounce.<\/p>\n<\/li>\n<li>\n      July platinum<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"negative\">-0.07%<\/bg-quote><br \/>\n       fell 1% to $1,013.90 an ounce, while September palladium<br \/>\n        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"negative\">-3.11%<\/bg-quote><br \/>\n       lost 2.1% at $1,358.30 an ounce.<\/p>\n<\/li>\n<li>\n      July copper<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"negative\">-0.62%<\/bg-quote><br \/>\n       rose 1% to $3.80 a pound.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>U.S. jobless claims rose 28,000 to 261,000 for the week ended June 3, the Labor Department reported Thursday.  <\/p>\n<p>The ICE U.S. Dollar index<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"positive\">+0.20%<\/bg-quote><br \/>\n       declined by 076% to 103.35 following the data, raising the appeal of dollar-denominated gold.<\/p>\n<p>The rise in jobless claims helps support the possibility that the Federal Reserve will not increase interest rates at their policy meeting next week.  <\/p>\n<p>\u201cExpectation is mounting that the U.S. central bank will hit pause on its interest rate hikes,\u201d said Rupert Rowling, market analyst at\u00a0Kinesis Money, in market commentary, ahead of the jobless claims data.  However, \u201cinvestors and traders are reluctant to fully commit their funds until this does indeed prove accurate.\u201d<\/p>\n<p>\u201cThe fact that gold continues to trade at such high levels, that although they may be about $100 lower than gold\u2019s early May peak, are still at a range seen only a handful of times in the precious metal\u2019s long trading history, reflects the fragile state of market confidence,\u201d  he said. <\/p>\n<p>He believes \u201cgold looks set to slide slowly but steadily lower over the coming weeks and months, proving the barometer of investors\u2019 true confidence in the global economic outlook.\u201d<\/p>\n<p>A series of Fed rate hikes that have taken the fed-funds rate from near zero to 5% to 5.25% since March 2022. <\/p>\n<p>Overall, \u201ccontinued strength in the U.S. labor market, hawkish FedSpeak,\u00a0and Wednesday\u2019s [Bank of Canada] rate hike have ramped expectations\u00a0that the\u00a0Fed will hike\u00a0by another 25-[basis points] at next week\u2019s FOMC meeting,\u201d Peter Grant, vice president and senior metals strategist at Zaner Metals, told MarketWatch.<\/p>\n<p>Still, gold is showing some \u201cresiliency,\u201d he said, as it trades relatively close to its all-time high. \u201cThe underlying trend remains bullish and I still believe we\u2019ll see new all-time highs this year.\u201d <\/p>\n<p><strong>Read: <\/strong>Why U.S. stock-market investors were rattled by the Bank of Canada\u2019s surprise rate hike<\/p>\n<p>In a research note dated Wednesday, strategists at Citi Research, led by Aakash Doshi, reduced their zero- to three-month gold price-point target to $1,915 an ounce from $2,100. <\/p>\n<p>They said \u201cequity [volume] compression, the recent back-up in Treasury yields and bounce [in the U.S. dollar] amid a resolution to an imminent U.S. debt ceiling breach provide a potential cap on near-term gold market cheer.\u201d<\/p>\n<p>Gold remains \u201ca viable macro portfolio tail hedge,\u201d historically and during the current post-pandemic era, despite the hawkish Fed regime, they said. \u201cWe believe bullish bullion sector tailwinds will reemerge before end-2023.\u201d<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-steadies-after-falling-to-one-week-low-e78abce0?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures settled higher on Thursday, recouping most of losses from a day earlier that pulled prices to their lowest finish in just over a week. The precious metal found support from weakness in the U.S. dollar following U.S. data showing a weekly rise in the number of people who applied for unemployment benefits to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13273,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-20659","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices finish higher, look to score a gain for the week | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures settled higher on Thursday, recouping most of losses from a day earlier that pulled prices to their lowest finish in just over a week. 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