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Gold futures edged lower early Thursday, threatening to snap a five-day winning streak.
Gold for June delivery
GC00,
GCM22,
was down $6.50, or 0.3%, at $1,978.20 an ounce, after logging its fifth straight gain Wednesday to post its highest close since March 11. May silver
SIK22,
was down 18.5 cents, or 0.7%, at $25.845, after also ending at its highest since March 11 on Wednesday.
Gold was on track for a weekly gain ahead of Good Friday, when most markets will be closed. The metal has been buoyed by haven-related flows as the Russia-Ukraine war appears set to drag on. Hot inflation readings in the U.S. and Europe have also underpinned the metal, though some analysts and economists see signs that price pressures may finally be peaking after U.S. data showed consumer inflation ran at its hottest since 1981 in March.
Gold “appears to have hit a resistance barrier as the renewed pessimism for peace in Ukraine and the fallback in bond yields don’t seem to have been enough to spur an even bigger upswing,” said Raffi Boyadjian, lead investment analyst at XM, in a note.
Treasury yields have pulled back from three-year highs this week. Gold has managed to climb despite a backup in yields, which raise the opportunity cost of holding nonyielding assets.
