At the end of last week’s trading, the price of gold settled above the level of $1700 an ounce, and its gains extended to $1,740 an ounce, before closing the week’s trading stable around the $1,726 level. Gold’s gains were driven by the weakness of the US dollar and growing fears of an economic recession. Accordingly, the price of the yellow metal is preparing for weekly gains, but it is still in the red throughout the year. With global central banks raising interest rates, investors have turned to a bearish trend in gold prices.
Overall, XAU/USD gold prices are on track to achieve a weekly increase of around 1.5%, but are down more than 5% YTD 2022. The price of silver, which is the sister commodity of gold, is also enjoying upward momentum. Silver futures rose to $18.805 an ounce. Accordingly, the price of the white metal recorded a tepid weekly jump of 0.8%. However, it is down about 20% since the start of 2022.