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Gold and silver prices continued to climb on Monday after cementing their best weekly performance since March.
Price action
Gold futures
GC00,
+0.38%
GCZ22,
+0.38%
for December delivery gained $6.70, or 0.4%, to $1,788 per ounce.
Silver futures
SI00,
+0.96%
QIU22,
+0.94%
for September delivery advanced 24 cents, or 1.2%, to $20.44.
Palladium futures
PA00,
+1.94%
PAU22,
+1.94%
for September delivery gained $44, or 2.1%, to $2,174 per ounce, while platinum futures
PL00,
+1.65%
PLU22,
+1.24%
for October delivery gained $14.30, or 1.6%, to $904 per ounce.
Copper
HG00,
+0.06%
HGU22,
+0.06%
for September delivery was flat at $3.56 per pound.
What analysts are saying
Strategists warned that the latest rally — the biggest for gold and silver since March — has been driven by the perception that the Federal Reserve is planning to slow the pace of rate hikes. Rupert Rowling, a precious metals strategist with Kinesis Money, warned that it could reverse if investors abandon the view that the Fed is already slowing the pace of rate hikes in response to a slowing U.S. economy.
“A large portion of markets’ recent bounce, which gold has also been a beneficiary of, has been predicated on future Fed rate hikes being smaller with fewer of them required. If this proves a false dawn then a fresh slide of both equities, particularly growth stocks, and gold can be expected,” Rowling wrote in an emailed note viewed by MarketWatch.
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