On July 7, gold bars ended the session on the COMEX trading exchange in New York at the level above the key one - at $1,802.10. Thus, the difference from the previous close was $8, or 0.4%.
Yesterday's daily increase in gold was the seventh in a row. During these days, the yellow metal was able to rise by 2%. By the way, its current dynamics became the longest increase since May 20: then the prices of the noble asset grew for 6 days.
The main precious metal was supported by the yield of US government bonds, which fell to the lowest values in February, as well as the US currency, which remained stable.
The price of gold rose steadily against the background of expectations for the release of the minutes of the June meeting of the US Federal Reserve. Investors were hoping to hear encouraging comments from the regulator about the future course of its monetary policy, hoping that it will not change.
The data, which eventually turned out to be ambiguous, was published after the end of trading, so it did not affect the final value of the yellow asset on Wednesday.
On the one hand, the Fed does not deny the possibility that the conditions for starting to reduce the pace of asset repurchases may be achieved earlier than previously expected.
On the other hand, the participants of the meeting admit that there is currently no clear picture of the underlying economic dynamics, and they predict the current acceleration of inflation to be temporary.
Today, while investors are "digesting" the information received, the weekly rally of gold has been replaced by a correction. On Thursday morning, the value of the yellow asset went down.
So, at the time of preparation, the main precious metal again fell below the psychological threshold and was trading at $1,796.95. Compared to Wednesday, its price decreased by $5.15, or 0.29%.
Meanwhile, silver was also getting cheaper. On Thursday morning, its value sank by 0.58% and amounted to $25,977. However, a day earlier, the gray asset was also among the outsiders. At the close of yesterday's trading, it lost 4.5 cents.
Analysts warn that in the near future, the precious metals market will maintain increased volatility, since the US Federal Reserve's course is still uncertain.
As soon as there is clarity on the issues of inflation and monetary policy, the prices of gold and silver will be able to strengthen. The only question is where exactly: at the peak or at the bottom?
