The price of gold remained practically unchanged on Thursday. Even the minutes of the July meeting of the US Federal Reserve System, which caused such confusion in the stock markets, did not affect it. The said document contains information on how the US economy has been seriously affected by the coronavirus pandemic and that the country's recovery will be long and difficult.
The gold went on correction on Wednesday, which, however, has not worsened today. Although the drop in the environment was already quite noticeable by 3% of the previous value.
The US authorities, including the Federal Reserve officials, believe that it is necessary to maintain monetary stimulus in the country for quite a long time to support the economy and cope with the crisis.
Meanwhile, the price of gold slightly increased by 0.01% on Thursday. Its current level is at around $ 1,929.69 per troy ounce. The support level for the precious metal was around $ 1,930.50 per troy ounce, while resistance was at $ 2,024.60 per troy ounce.
The FRS protocol led to the fact that sales in the market began to rise sharply. In this regard, it can be assumed that gold again has a great chance to strengthen its positions and move to the next strategic level of $ 2,500 per troy ounce. Now, for the most part, everything will depend on where the US dollar moves, as well as how the yield on debt securities will change.
Silver futures contracts for September delivery rose 0.37% reaching $ 27,240 per troy ounce.
Palladium, on the other hand, declined 0.17%, and the new price is at $ 2,152.76 per ounce.
Platinum also went negative on Thursday and sank 0.79%. Its current level is $ 924.35 per ounce.
Copper futures for September delivery fell 0.46% to trade at $ 2.9855 a pound.
