Metals Stocks: Gold sees modest pullback, but remains on track to finish 2022 near 6-month high


Gold prices retreated modestly on Thursday but remained on track to finish what has been a volatile year just shy of six-month highs.

Price action

Gold prices due in February

fell $1.50, or 0.1%, to $1,814.30 per ounce on Comex, according to FactSet data.

March silver

climbed 25 cents, or 1%, to $24.09 per ounce.

Palladium for March

shed $25, or 1.4%, to $1,760 per ounce, while platinum for April

gained $6, or 0.6%, to $1,026.

Copper due in March

fell 2 cents, or 0.5%, to $3.82 per pound.

Market drivers

After a difficult year, precious metals traders have bid up prices since the beginning of November as the strength of the U.S. dollar has eased.

Some of this momentum can be attributed to traders clinging to hopes for a Federal Reserve policy ‘pivot’ some time next year, market analysts said, even as the central bank has signaled with its latest “dot plot” forecast that it doesn’t expect to cut its policy interest rate until 2024.

“It seems gold traders, like the rest of us, have an idea of what the Fed will do early next year but are holding back as it doesn’t quite align with the hawkish narrative coming from the central bank,” said Craig Erlam, senior market analyst at OANDA.

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