Spot gold rose 0.4% to $1,666.79 per ounce., gaining 1.4% for the week. US gold futures added 0.5% to $1,677.10.
“The gold market is in an area where we may see some movement to the upside… (but) it all depends on what the dollar and interest rates do,” said Daniel Pavilonis of RJO Futures.
Quarterly and monthly balance of gold
Gold accumulated a fall of 7.7% in the quarter. Also, posted its sixth consecutive monthly decline, its longest streak of monthly declines in four years.
The gold metal barely reacted after the Russian president, Vladimir Putinsigned the annexation treaties of four Ukrainian regions partially occupied by his forces.
Rate hikes reduce the attractiveness of bullion, as they increase the opportunity cost of holding this non-interest bearing asset.
Spot silver rose 1.4% to $19.08 an ounce, while platinum fell 0.5% to $860.93. Both metals headed for their second consecutive quarterly decline.
Palladium fell 1.4% to $2,169.59, up nearly 15% so far this quarter.
Source: Ambito
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