Gold prices weakened again on Thursday, breaking below $1,800 per ounce, as the U.S. dollar climbed to a new 22-year high against the euro.
Price action
- Gold prices for August delivery shed $4, or 0.2%, to $1,797.
- Silver prices for September delivery were flat at $19.70 per ounce.
- Palladium prices for September delivery were off $37.10, or 1.9%, to $1,901 per ounce.
- Platinum prices for October delivery dropped $15.50, or 1.8%, at $855.50 per ounce.
- Copper prices for September delivery were down 13 cents or 3.6%, to $3.47 per pound.
What analysts are saying
Naeem Aslam, chief market analyst at AvaTrade, blamed the dollar’s moves for driving price action in gold.
The greenback EURUSD traded at a new 22-year high against the euro on Tuesday, with one dollar buying roughly 1.03 euros.
Jim Wyckoff, senior analyst at Kitco.com, said technical indicators in recent trade for both gold and silver are now “fully bearish.”
“The metals are feeling the pressure of a stronger U.S. dollar index that notched a 20-year high overnight,” Wyckoff added.