Gold futures edged back early Thursday, giving up some of its gains after the precious metal scored another settlement at the highest since September 2011, but silver and platinum futures were staging a sharp advance.
Precious metals have mostly benefited from expectations for a lengthy period of government and central bank stimulus to support economies harmed by the COVID-19 pandemic, but some analysts say that July also has been a seasonally strong period for gold due to heightened physical demand and appetite from exchange-traded funds.
Softness in the U.S. dollar, which commodities tend to be priced in also has provided some support to precious metals, some experts say. The ICE U.S. Dollar index was up 0.1%, however, on Thursday, but the gauge of a half-dozen currencies has been down 0.8% so far this week, according to FactSet data.
August gold was off $3.90, or 0.2%, at $1,816.80 an ounce, a day after the most-active contract rose 0.6% to settle at the highest since Sept. 14, 2011, according to FactSet data. Meanwhile, September silver gained 16 cents, or 0.8%, at $19.320 an ounce, following its 2.5% surge on Wednesday to the highest level for a most-active contract since September 2019. For the week, silver futures have gained 5.8% so far.
Source : Marketwatch