Metals Stocks: Gold holds above $2,000 as rally stalls

by | Apr 20, 2023 | Stock Market

Gold prices traded higher on Thursday as a weekslong rally in the yellow metal appears to have stalled just above the $2,000-an-ounce level. Price action
Gold futures for June delivery

gained $5.50, or 0.3%, to $2,031 an ounce on Comex.

May silver

rose 2 cents, or 0.1%, to $25.40 an ounce.

June palladium
fell by $13.80, or 0.9%, to $1,605 an ounce, while July platinum
gained $1.80, or 0.2%, to $1,107 an ounce.

Copper for May
delivery fell by 5 cents, or 1.2%, to $4.029 a pound.

Market drivers Concerns about an imminent recession have eased enough to take gold off the boil, precious metals strategists said. If the yellow metal is to make another run at its record settlement high from August 2020, it would likely require more signs of an imminent economic downturn.

“For gold to resume its uptrend and make another attempt towards record highs, recession concerns would likely need to resurface,” said Marios Hadjikyriacos, senior investment analyst at XM.

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