Gold trades just shy of highest level since April

Gold futures traded just shy of their highest level since April on Monday as the yellow metal looked to extend its gains after booking its fifth straight weekly advance.

Price action
  • Gold for February delivery

    declined by 2 cents, or less than 0.1%, to $1,922 per ounce on Comex.

  • Silver for March delivery

    declined by 37 cents, or 1.6%, to $23.56 per ounce.

  • April platinum
    declined by $1.40, or 0.1%, to $1,045 per ounce while March palladium
    fell by $22.70, or 1.2%, to $1,703 per ounce.

  • Copper for March
    was flat at $4.25 per pound.

Market drivers

As gold prices continued to climb on Monday, investors wondered whether the yellow metal would reach a fresh all-time high this year, according to a note from Kitco Metals.

 “The gold bulls are starting to discuss a new record high being set this year. The present all-time high in Comex gold futures is $2,078.80 per ounce, scored in March of 2022,” wrote senior analyst Jim Wyckoff, senior analyst.

The price of gold has risen by 10% since Oct. 24, roughly three months ago.

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