Gold prices rebounded to their best result in 17 months after briefly surpassing $2,000 (NYSEARCA:GLD)
Gold futures closed Monday to close at her Highest rate since mid-August 2020raised by safe-haven trades in response to the myriad uncertainties caused by the Russia-Ukraine war with April Comex gold (XAUUSD:CUR) drop +1.5% at $1,995.90/oz, the highest close for one of the most active contracts since August 2020 after trading as high as $2,007.50.
May silver (XAGUSD:CUR)however closed -0.3% at $25.72/oz after hitting its highest intraday price since last July at $26.37.
ETFs: GLD, GDX, IAU, NUGT, PHYS, SLV, SIL, SIVR, PSLV
Gold miners post broad gains including GORO +10.5%AGI +4.8%NEM +4.4%A.E.M +4%FNV +3.6%HMY +3.4%AUY +3%GOLD +2.7%AU +2.7%GFI +2.4%.
While gold bulls will be “disappointed that they have only gained 10% on epic events year to date,” the $2,000/oz level should be “little more than a speed bump when all things considered – and how it appears the market has failed to hold above this key level…due to news of a possible peace deal in Ukraine,” said Metals Daily’s Ross Norman market observation.
“Gold is likely to initially find heavy traffic around the $2,000 level, but once released, assuming nothing changes in the situation in Ukraine, it will quickly move into the $2,100 region and onwards new all-time highs,” said Jeffrey of OANDA Halley.
But Kinesis Money’s Rupert Rowling has said that the upcoming rate hikes “put a cap on gold as its lack of yield makes it less attractive in a rising interest rate environment.”