World Gold Price Strengthens 7.1 US Dollars, This is the Support

CHICAGO, KOMPAS.com – Price it’s not Futures rose in late trading Friday (6/5/2022) local time (Saturday morning WIB), extending gains for the second straight session.

The strengthening of this precious metal was driven by the weakening dollar AS as well as flow safe-havenin the midst of the protracted war in Ukraine and heating up global inflation.

Contract gold price The most active for June delivery on the Comex division of the New York Exchange, increased 7.1 dollars, or 0.38 percent, to close at 1,882.80 dollars an ounce.

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Gold price Futures rose 6.9 US dollars, or 0.37 percent, to 1,875.70 dollars on Thursday (5/5/2022), after dropping 0.10 percent to 1,868.80 dollars on Wednesday (4/5/2022). , and rose 7 US dollars to 1,870.6 US dollars on Tuesday (3/5/2022).

Investors are also concerned that the US central bank, the Federal Reserve (Fed) may not be able to control inflation without triggering an economic slowdown.

Analysts expect gold prices to remain vulnerable to further downward pressure if inflation shows no signs of strengthening further.

Next week will be crucial for inflation expectations and for the Fed’s speech that could confirm their commitment to tightening by half a point per meeting.

The US Department of Labor reported Friday that the US economy added 428,000 non-farm jobs in April, beating the median estimate of 391,000 new jobs, and somewhat capping gold’s growth.

Meanwhile the unemployment rate held at 3.6 percent, missing estimates of 3.5 percent.

The price of another precious metal, silver for July delivery fell 7.6 cents, or 0.34 percent, to close at 22.367 dollars per ounce. Platinum for July delivery fell 17.4 dollars, or 1.79 percent, to close at 956 dollars per ounce.

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