Gold futures closed lower on Friday (Feb. 18) as investors took profits after the price hit an eight-month high on Thursday.
- The gold contract was down $2.2, or 0.12%, at $1,899.8 per ounce.
- Silver futures were up 11.7 cents, or 0.49%, at $23.992 an ounce.
- The platinum contract dropped $15.9, or 1.46%, at $1,076.8 per ounce.
- The palladium contract was down $21.20, or 0.9%, at $2,337.90 an ounce.
Investors sold gold contracts at a profit after prices rose more than $30 on Thursday. Tensions in Ukraine and weak U.S. economic data have encouraged safe-haven buying of gold.
Gold futures are also under pressure due to strong U.S. economic data. The National Association of Realtors (NAR) reported Friday that second-hand home sales rose 6.7% in January to 6.50 million units.
However, building permits rose only 0.7% in January compared to 9.8% in December. Initial claims for unemployment benefits also rose again to 248k. The Philadelphia Fed Manufacturers Index fell to 16.0 in February from 23.2 in January.
But the political tensions in Ukraine have contributed to the fact that the price of gold has not fallen so sharply.
Biden held talks Friday with the leaders of Canada, France, Germany, Italy, Poland, Romania, the United Kingdom, the European Union, and the North Atlantic Treaty Organization (NATO) on the crisis in Ukraine.
Biden, meanwhile, said yesterday that he remains convinced that Russia will invade Ukraine. He also said that an attack could take place in the coming days or week,
“We have reasons to believe that Russian forces are planning to intend to attack Ukraine in the coming week, the coming days.”
The Spot Market is Closed
Saturday, February 19, 2022