Precious metals prices climbed higher Friday, padding their monthly gains, although platinum and palladium did fall from their week ago levels. Silver finished at its best price in more than three-months while gold closed at a one-and-a-half-month high.
Gold for August delivery tacked on $23.40, or 1.4%, to settle at $1,751.70 an ounce on the Comex division of the New York Mercantile Exchange. The finish was the highest since April 14 when gold ended at a more than seven-year high.
“Gold enjoyed one of its steadiest months of return in May,” Giannotto told MarketWatch. Even with the market optimism surrounding reopening, gold saw a gain, “underlying the precious metal’s all-weather investment characteristics.”
“Tensions surrounding Hong Kong’s autonomous status are in clear focus for gold’s next movements, with potential for not only a weakened dollar but also a heightened safe-haven demand,” he said. “This scenario would represent a two-fold gain for gold.”
Gold posted increases of 0.9% for the week and 3.4% for the month. The yellow metal is 15% ahead on the year to date.
In looking ahead to next week, Kitco News offers the following forecasts via their Wall Street & Main Street surveys: