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Gold declines for the fourth week in a row

May, 13 2022
watermark Economic news

The price of gold continues to decline on Friday: the current quote of the asset is $1.814.54 per ounce. The daily low was marked at $1.797.45 – the last time such a price was observed in early February. 

Analysts note that the precious metal may end with a decline for the fourth week in a row amid the strengthening of the US dollar.

The ICE currency index, which shows the dynamics of the dollar relative to the six major world currencies, ends the week with an increase of 1%. At the same time, the index value is near a 20-year high. And a strong dollar, as you know, is a negative factor for commodity prices, including precious metals.

Analysts note that gold has already fallen below the 200-day moving average, which is often a «bearish» signal for the precious metal. And consolidation below $1,830 per ounce will only strengthen this signal. However, a number of experts believe that if the quotes make a reversal from this level, it may mean the beginning of a new long-term upward trend. In this case, the target of the «bulls» will be the area of $ 2500 per troy ounce.

July silver futures declined in price to $20,605 per ounce. Silver ends the week with a 7.5% drop. Palladium fell to $1,944, and platinum fell to $946.15.

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