Gold prices fell for a fourth straight session on Friday as the yellow metal looked set to finish what has been a painful quarter at its lowest level in more than three months.
Price action
-
Gold futures for August delivery
GC00,
-0.28% GCQ23,
-0.28%
fell by $4.80, or 0.3%, to $1,913 per ounce on Comex. -
Silver futures for September delivery
SI00,
-0.76% SIU23,
-0.76%
lost 21 cents, or 0.9%, to $22.60 per ounce. -
Palladium for September delivery
PAU23,
-0.52%
shed $9.40, or 0.8%, to $1,218 per ounce, while platinum for October delivery
PLV23,
-0.79%
shed $10,80, or 1.2%, to $895.80 per ounce. -
Copper for September delivery
HGU23,
+0.49%
gained 1 cent, or 0.3%, to $3.71 per pound.
Market drivers
“…It’s been a painful quarter for gold prices. With equity markets going into overdrive and recession nerves calming, demand for safe haven assets suffered a major blow, and the sharp rally in real yields didn’t do gold any favors either,” said Marios Hadjikyriacos, senior investment analyst at XM.
Gold has had a topsy-turvey quarter. Prices peaked in early May at the second-highest settlement on record for a most-active contract when it finished at $2,055.70 an ounce on May 4.
The highest settlement level on record for the yellow metal arrived on Aug. 6, 2020, when prices finished at $2,069.40 per ounce, according to Dow Jones Market Data.
Then commenced a decline that has seen the most-active contract shed more than $100. Analysts blamed the sudden turnaround on waning recession fears and warnings from central banks, including the Federal Reserve, that they would push interest rates even higher to try and tame inflation more quickly.
This story originally appeared on Marketwatch
