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Gold futures were climbing modestly Thursday, ahead of the Christmas holiday Friday, after several days highlighted by concerns that the spread of the omicron variant of the coronavirus may impact the economic outlook in the new year.
Many global markets will be closed on Friday in observance of Christmas.
Futures for gold for February delivery
GCG22,
GC00,
were trading $3.30, or 0.1%, higher to reach $1,805.50 an ounce, with the potential to book its highest close since late November if prices hold above $1804.90 which was last week’s near-term peak.
Gold was headed to a slightly lower weekly settlement though, which would mark its first down week of the past three, FactSet data show. For the year, gold is looking at a 4.8% decline thus far.
“Gold and silver have churned through a relatively difficult year. More than anything else, gold has been held back by taper/rising rate fears along and their positive knock-on effect on the U.S. dollar,” wrote Peter Grosskopf, CEO of metals-focused investment manager Sprott, in a research report published Wednesday.
Meanwhile, March silver
SIH22,
was trading 3 cents, or 0.1%, lower at around $22.79 an ounce, following a Tuesday gain of 1.3%, and headed for a weekly advance of 1.1%. For the year, however, silver is down nearly 14%.
