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Gold and Silver are trying to stabilize after selloff

ByVictoria

Although gold and silver saw disappointing price action on Friday, experiencing their worst daily loss since mid-December, some analysts note that the damage to the broad rallies has been limited.

The gold market started the week holding initial support around $2,880 an ounce. Spot gold last traded at $2,896.50 an ounce, up 0.50% on the day. Silver is also finding solid support, as it has bounced off its overnight lows just below $32 an ounce. Spot silver last traded at $32.20 an ounce, up 0.20% on the day.

Alex Kuptsikevich, Chief Market Analyst at FxPro, said in a note that gold’s price action has become a little more complicated following Friday’s selloff, as buyers have become more cautious.

Source – KITCO News

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    Gold and Silver “Technical Scoop”

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    Another day, another record for gold. Gold is a go-to safe haven in times of economic uncertainty, geopolitical tensions, and loss of faith in governments. The result was a 3.0% gain for gold this past week and a close at the magical $3,000.

    Other precious metals rose this past week. Silver was up 4.9%, while platinum gained 4.8% and is back over $1,000. Near precious metals saw palladium up 1.9% and copper gaining 4.0% as it marches towards $5.00.

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    Platinum jewelry steadily recovering

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    The platinum jewellery market decline now appears to have stabilised, with year-on-year growth of 5% estimated for 2024 and 2% year-on-year growth forecast for this year, when total platinum jewellery demand is expected to reach 1.98-million ounces, the organisation points out. 

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