Gold prices rise in 2021’s final session but head for worst year since 2015 as ETF interest wanes

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Gold futures on Friday rose to their highest level in a month, although 2021 has been the worst year for the precious metal since 2015.

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February Gold GCG22,

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After gaining 0.5% for the metal on Thursday, it was trading higher by $13.60, or 0.8%, at $1,827.70 an ounce.

For the month, gold was on track for a gain of over 2% as well as a gain of over 3% over the past three months, but the metal is headed for its worst fall since a 10% annual decline in 2015.

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Tom McClellan, technical analyst and editor of The McClellan Market Report, wrote on Thursday that gold interest in exchange-traded funds linked to the precious commodity has seen a dip, even as the asset has some in the last days of 2021. More traction has been observed. , with reference to the iShares Gold Trust IAU,
and SPDR Gold Share GLD,
Two of the most popular ways for investors to gain exposure to the yellow metal.

Both ETFs are down at least 4.7%.

Tom McClellan

“Right now, gold is rising slightly, but the net assets of both funds are at their lowest since April 2020,” McClellan wrote. Typically, assets in ETFs rise and fall in sync with gold prices.

“The public is not believing the rally in gold prices, which certainly makes that move more legit,” he wrote.

Meanwhile, March silver SIH22,
Trading on Friday rose 21 cents, or 0.9%, to $23.27 an ounce, after a 0.9% gain on Thursday. Silver was on its way to its worst annual decline, down nearly 12% since 2014.

Silver is up 1.9% for the month and the commodity is seeing a gain of 5.5% for the quarter.

Silver is up 1.4% for the week and gold is up 0.8%.


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