Gold futures were trading at their highest level in three weeks on Tuesday while silver traded at its highest level in three months as precious metals added to their strong gains from the prior session.
Analysts attributed the advance in precious metals prices over the past week to a pullback in Treasury yields and the U.S. dollar, according to Jim Wyckoff, a senior analyst at Kitco.
Price action
-
Gold futures
GCZ22,
+1.32%
for December delivery advanced $12.40, or 0.7%, to $1,714 per ounce on Comex, the highest level for a most-active contract since mid-September. -
Silver futures
SIZ22,
+2.14%
for December delivery climbed 23 cents, or 1.1%, to $20.80 per ounce after surging 8% on Monday, the biggest advance for a most-active contract since February 2021. Silver futures were trading at their strongest level for a most-active contract since late June. -
Palladium futures
PAZ22,
+4.43%
due in December climbed $79, or 3.6%, to $2,310 per ounce, while platinum futures
PLF23,
+2.91%
due in January climbed $20.20, or 2.2%, to $920.40 per ounce. -
Copper futures
HGZ22,
+0.48%
due in December climbed 2 cents, or 0.5%, to $3.426 per pound.
What’s happening
Wyckoff said gold and silver bulls appear to have gained “some momentum” with prices rebounding after falling for six straight months through the end of September.
Gold’s gains were being driven by a handful of factors, including but not limited to lower Treasury yields and a weaker dollar, Wyckoff said.
“Trading so far this week sees a weaker U.S. dollar, higher crude oil prices, falling U.S. Treasury yields and safe-haven demand–all fueling the runup in the two precious metals’ prices,” he said.
