Metals Stocks: Gold ends 2022 near 6-month high


Gold futures were little changed on Friday as the yellow metal looked set to finish 2022 just shy of a six-month high.

Price action

Gold for February

delivery was off 0.1% at $1,824 an ounce on Comex.

March silver

shed 33 cents, or 1.4%, to $23.925 an ounce.

Palladium for March

shed 3% to $1,762 per ounce, while April platinum

rose 0.7% to $1,073 per ounce.

March copper prices

fell 2 cents, or 0.6%, to $3.80 per pound.

Market drivers

Prices of both gold and silver are set to climb this week as a softer dollar helped bolster precious metals prices while traders continued to bet that the Federal Reserve could start to cut interest rates again some time next year, market strategists said.

A rally that began in early November remains intact, and the yellow metal is still “in a near-term uptrend,” according to commentary from Sevens Report Research. But with inflation still raging, the risk of another “hawkish shock” from the Federal Reserve remains.

Meanwhile, reports of a spike in COVID-19 cases in China has helped to weigh on copper prices, which are particularly sensitive to expectations for global growth.

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