The most liquid gold contract closed this Tuesday (26) at a slight increase, given the lack of consistent direction for the dollar, which was around a level close to that registered late yesterday afternoon against the main pairs. Analysts cited the loss of momentum in gold’s recent trend of gains in recent sessions, even though the broad picture continues to offer support to prices.
Gold scheduled for delivery in June, the now more liquid contract, closed up 0.05%, at US$2,199.20 per troy ounce, on Comex, the metals division of the New York Mercantile Exchange (Nymex).
The broad picture remains constructive for gold and silver, despite concerns about a delay in the start of the monetary easing cycle by the Federal Reserve (Fed, the US central bank), said the chief market analyst at Scope Markets, Joshua Mahony , in note. “In any case, the view that there will inevitably be a rate cut continues to provide support for precious metals.”
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Gold prices, in particular, have a strong relationship with interest rates, which, when high, end up taking away interest in the metal.
With information from Dow Jones Newswires
Tags: Gold closes higher session marked lack strength dollar
