International Gold Market News From Kitco
London Gold Fix Afternoon
Gold Price Slides from 2-Week High on Technical Selling
(Kitco News) – Gold prices are edging lower on Wednesday, retreating from a two-week high reached in the previous session, as technical selling weighs on the market.
Spot gold was last seen trading at $1,664.30 per ounce, down 0.25% on the day. U.S. gold futures were also lower, trading at $1,666.30 per ounce, a 0.20% decline.
The precious metal rose to a two-week high of $1,677.60 on Tuesday, but failed to sustain the momentum, triggering technical selling.
“Gold has pulled back a little bit from the highs yesterday,” said Adrian Day, president of Adrian Day Asset Management. “There’s some technical selling going on.”
Day added that the market is also digesting the latest minutes from the Federal Reserve’s July meeting, which showed that the central bank is still committed to raising interest rates.
“The market is still trying to figure out what the Fed is going to do,” Day said. “The Fed is still hawkish, and that’s weighing on gold.”
Silver Edges Lower After Tuesday’s Gains
Silver prices are also retreating on Wednesday, following a strong rally in the previous session.
Spot silver was last seen trading at $19.26 per ounce, down 0.35% on the day. U.S. silver futures were also lower, trading at $19.30 per ounce, a 0.30% decline.
Silver rose to a three-week high of $19.68 on Tuesday, but profit-taking and technical selling have pushed prices lower.
“Silver is just following gold,” said David Meger, director of metals trading at High Ridge Futures. “There’s some profit-taking going on after yesterday’s gains.”
Meger added that the market is also watching the developments in the Ukraine-Russia war, which could impact demand for precious metals.
“The Ukraine-Russia situation is still very fluid, and that’s keeping some buyers on the sidelines,” Meger said. “There’s a lot of uncertainty in the market right now.”
Gold Outlook
Analysts are mixed on the outlook for gold prices in the short term. Some believe that the metal could continue to slide, while others see a potential for a rebound.
“Gold is still in a downtrend, and I think we could see a further pullback in the coming days,” said Day. “However, I’m still bullish on gold in the long term.”
Meger is more optimistic about the short-term outlook for gold.
“I think we could see a rebound in gold prices in the coming days,” Meger said. “The market is oversold, and we could see a short-covering rally.”
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