Gold traded marginally higher on Thursday after logging the third loss in four sessions for the most-active futures contract as the price of the yellow metal continued to vacillate within a tight range.
Price action
-
The most-active June gold contract
GC00,
+0.85% GCM23,
-0.05%
gained $3, or 0.1%, to $1,987 per ounce on Comex. -
Silver for May delivery
SI00,
+0.78%
SIK23,
+0.78%
increased by 46 cents, 2%, to $24.12 per ounce. -
Palladium for June delivery
PAM23,
+3.23%
increased by $5.40, or 0.4%, to $1,442 per ounce, while platinum for July
PLK23,
-0.59%
increased by $9.90, or 1%, to $987 per ounce. -
Copper for May delivery
HGK23,
+0.32%
increased by 2 cents, or 0.6%, to $4.11 per pound.
Market drivers
Gold’s narrow trading range over the past few sessions is the result of traders waiting for economic-data reports, including the Federal Reserve’s preferred gauge of U.S. consumer price inflation due on Friday, traders said.
“This is a massive week for economic data from the US, which has led to gold essentially trading in a holding pattern,” said Rhona O’Connell, head of market analysis for EMEA and Asia at StoneX.
A final estimate of fourth quarter 2022 U.S. gross domestic product is also due out Thursday, along with weekly jobless benefit claims.
Read the full article here