Gold rose again Friday after scoring its biggest daily gain since March on Thursday. Silver also extended its gains after rising nearly 7% on Thursday, which marked its biggest daily percentage increase since February 2021.
for September delivery gained 3 cents, or 0.9%, to $3.508.
What analysts are saying
The price of the most-active gold contract has gained roughly $40 since Federal Reserve Chairman Jerome Powell spoke on Wednesday, Rupert Rowling, a market analyst at Kinesis, noted. He added that gold has benefited from the market’s interpretation that the Fed might not be as aggressive with its interest-rate hikes going forward.
“On the last trading day of July, gold looks set to end a challenging month on a positive note as signs that the Federal Reserve may be less aggressive with its future interest rate hikes have allowed the precious metal to recover some of the month’s losses,” he wrote in an email.
In other markets, bitcoin prices pulled back to trade under the $24,000 mark after trading above that level Thursday. The U.S. dollar index
meanwhile, was off 0.4%.
Silver is up more than 7% since the start of the week, while gold is up nearly 2%. Although both metals are still expected to finish July in the red.