Retail

Gold up Most in a Week, But Outpaced By Silver’s Big 2-Day Run




By Barani Krishnan

Investing.com – Gold prices rose for a second day in a row on the back of a weaker dollar but the yellow metal’s gains were outpaced by that of silver, which posted its biggest two-day run-up since July 2021.

Often called the “poorer cousin of gold”, silver has far-ranging industrial uses compared to gold’s largely ornamental and financial hedging applications. Silver has come into its own this week on the back of demand for electronic circuitry and so-called “green energy” applications.

U.S. gold futures’ most active contract, , settled at $1,784.90 per ounce on New York’s Comex, up $14.40, or 0.8%. In the previous session, it rose 0.3%, accounting for a 1.1% rise in total since Monday’s close and for the largest two-day gain in a week.

December on Comex, however, rose 5.1% in the same period, gaining 56.20 cents and 51.90 cents respectively on Wednesday and Tuesday for a latest settlement of $24.45.

“Silver is getting attention from the green energy crowd as well as it’s used in solar panel production,” analyst Adam Button said in a post on ForexLive.

But silver also needs to stage a meaningful retracement from the $21.60 low registered during the third quarter of 2020, said Button. “The long-term range isn’t done yet. It will need to get above $25 to get some real momentum going.”

Gold’s rebound came after the , pegged against six major currencies led by the euro, fell by a combined 0.4% over two days.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





READ SOURCE

Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.