JAKARTA – Gold price strengthened in late trading Saturday (30/4/2022), which was seen for June delivery on the Comex division of the New York Exchange, soaring up USD20.4 or 1.08% to close at USD1,911.70 per ounce.
Then, for the month, it slumped 1.9%, despite showing a 4.5% gain so far this year.
It is known that this comes as it extends the previous session’s gains to again perch above the psychological $1,900 mark, as a weaker US dollar lifts the yellow metal’s appeal to holders of other currencies, but gold still registers monthly declines.
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Then, gold futures rose USD2.6 or 0.14% to USD1,891.30 on Thursday (28/4/2022), after slumping USD15.4 or 0.81% to USD1,888.70 on Wednesday. (27/4/2022) and increased by USD8.1 or 0.43% to USD1,904.10 on Tuesday (26/4/2022).
The US Commerce Department reported Friday that the US Personal Consumption Expenditure Price Index (PCE) increased by 6.6% for the year ended March, hitting a new 40-year high and supporting gold.
Where gold found additional support was as the Chicago Business Barometer, also known as the Chicago Purchasing Managers’ Index (PMI), fell to 56.4 in April from 62.9 in March.
Then, the Consumer Sentiment Index released Friday (29/4/2022) by the University of Michigan (UM) Consumer Survey rose to 65.2 in the April survey from 59.4 in March, but well below April’s 88.3 last year.
