Gold slipped further on Wednesday, trading at its lowest level since the start of the year, as the U.S. dollar marched higher.
- Gold futures GC00, -0.23% GCQ22, -0.23% for August delivery were down $3.40, or 0.2%, to $1,760 per ounce, the softest level for a most-active contract since October 2021, an 8.5 month low. Gold was on track for its seventh straight daily decline.
- Silver futures for July delivery SIN22, +0.36% remained at their weakest level since July 2020, with the price for the precious metal essentially flat at $19.17 per ounce after five days of declines.
- Platinum futures PLV22, +0.26% for October delivery were down $2.90, or 0.3%, to $847 per ounce.
- Palladium futures PAU22, +1.10% for September delivery rose $16.70, or 0.9%, to $1,935.
- Copper futures HGU22, +0.26% for September delivery shed 1 cent to $3.41 per pound.
What analysts are saying
Jim Wyckoff, senior analyst at Kitco, said that the strong dollar is weighing on gold and other commodities.
“The metals continue to reel from a stronger U.S. dollar index that hit a 20-year high this week. The near-term technical charts for gold and silver are fully bearish, which is also prompting the technically based traders to play the short sides of the futures markets,” Wyckoff said.