Gold prices traded slightly lower on Thursday but remained within striking distance of the yellow metal’s all-time closing high for a most-active futures contract.
- The June gold contract GC00,
-0.74%GCM23, -0.74%was off by $2.60, or 0.1%, to $2,035 per ounce on Comex.
- Silver futures for May delivery SI00,
-1.05%SIK23, -1.05%gained 4 cents, or 0.2%, to $25 per ounce.
- June palladium PAM23,
-0.55%bwas flat at $1,425.300 an ounce, while July platinum PLN23, +0.18%gained $9, or 0.9%, to $1,016 per ounce.
- Copper for May delivery HGK23,
-0.28%gained 3 cents, or 0.7%, to $4.015 per pound.
Both gold and silver touched their highest levels in a year a day ago. Now prices are consolidating as recession fears drive inflows into previous metals, analysts said.
Bulls were still firmly in control of the market, analysts said.
“Technically, the gold futures bulls have the strong overall near-term technical advantage,” said Jim Wyckoff, a senior analyst at Kitco.com.