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Gold prices traded lower again on Friday following two sessions of losses as a stronger U.S. dollar took some of the shine off the yellow metal, prompting some analysts to speculate about an end — or perhaps a pause — for what has been a multi-month rally.
Price action
-
Gold for June delivery
GC00,
-0.55% GCM23,
-0.55%
declined by $11.60, or 0.6%, to $2,008 per ounce on Comex. -
July silver
SI00,
-1.70% SIN23,
-1.70%
fell by 42 cents, or 1.7%, to $24 per ounce. -
Palladium for June delivery
PAM23,
+0.26%
gained $9, or 0.6%, to $1,563 per ounce, while platinum for July
PLN23,
-1.21%
declined by $15, or 1.4%, to $1,089 per ounce. -
Copper prices for July
HGN23,
+0.93%
gained 2 cents, or 0.6%, to $3.733 per pound.
Market drivers
Gold has pulled back in part due to gains in the ICE U.S. Dollar Index
DXY,
this week. The gauge is a closely followed measure of the greenback’s value against other major currencies.
The index was up 0.1% at 102.19 in recent trade after rising 0.5% on Thursday, one of its largest gains since mid-March, according to Marc Chandler, managing director at Bannockburn Global Forex.
“The gold rally and run at record territory is gradually deflating despite inflation data this week being respectable and pointing in the right direction,” said Craig Erlam, senior market analyst at OANDA.
Silver has also suffered a pullback and is trading at roughly a six-week low, according to FactSet data on the most-active futures contract.
