Gold and silver prices notched their third straight session climb on last week Thursday, bolstered as the U.S. dollar fell after the U.S. President Donald Trump said that the currency has been trading at “too strong” of a level.
June gold was in positive positions, the futures was seen trading at with a $10.40 or 0.8% increase and was sold at $1m288.50 per ounce, with prices that that closed the sessions at their highest level since November 4 last week. The precious metal gained and estimated 2.5% since last Friday’s close. Silver for May futures delivery climbed as high as 21 cents which is equal to 1.2% and was sold at $18.51 per ounce prices that have not been reached since November 10 of last year.
The prices stated above were pushed even higher, while the U.S. dollar was pushed down against most rivals late Wednesday when Trump told Wall Street Journal that the U.S currency “is getting too strong” and prefers the Federal Reserve to keep interest rates as they are now, which is low.
A weak dollar calls for more safe-haven shares, which lifted the prices for dollar denominated commodities as it makes them cheaper for holders of other currencies to buy.
Other precious metal like Copper and platinum also gained 2.6 cents and $9.30 relatively while palladium fell by 40 cents and was sold at $795.90 per ounce.
“Gold had been trading higher based upon geopolitical tensions,” including those between the U.S. and Russia and North Korea, but “what gold really needed to keep its rally going was some sort of a fundamental monetary driver,” said Brien Lundin, editor of Gold Newsletter.