- Wednesday, October 16, 2024
Gold prices made a recovery on Friday, regaining some of the ground lost on their worst day in almost two months. As the roller-coaster week comes to an end, markets are looking for a calmer finish.
Price Action
- Gold for December delivery (GC00) rose $5.70, or 0.3%, to $1,945 per ounce on Comex.
- December silver (SI00) gained 34 cents, or 1.4%, reaching $24.02 per ounce.
- October platinum (PLV23) rose by $17.50, or 1.9%, to $942 per ounce.
- December palladium (PAZ23) gained $12, or 1%, reaching $1,282 per ounce.
- Copper for December (HGZ23) rose by 3 cents, or 0.9%, to $3.73 per pound.
Market Drivers
Despite the sharp selloff that followed the Federal Reserve's policy meeting on Wednesday, gold prices are on track to finish the week relatively unchanged. The central bank's indication to keep its policy interest rate above 5% for longer than expected initially caused a decline in prices.
Although prices stabilized on Friday, analysts are cautious about potential future volatility.
"As a non-yielding asset, higher interest rates usually prove to be a headwind for gold prices as they increase the opportunity cost of holding the yellow metal," commented Mike Ingram, market analyst at Kinesis Money.
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