Gold futures look to settle at a roughly 2-week high

Lackluster trading in gold futures Thursday gave way to a solid move higher, as tepid trade in equity markets and persistent worries about U.S.-China trade tensions and sluggish global economic growth helped lift prices toward their highest finish in two weeks.

Gold for August delivery on Comex GCM19, +0.40% climbed $5.10, or 0.4%, to trade at $1,286.10 an ounce. A finish around this level would be the highest for a most-active contract since May 16, FactSet data show. Gold was set to end the month slightly higher and is hanging on to a 0.2% weekly gain.

“Wall Street has a neutral outlook on gold and many investors are confused as to whether [Federal Reserve] capitulation will be enough to take prices higher,” Edward Moya, senior market analyst at Oanda, told MarketWatch. “Trade tensions have failed to deliver a significant move higher because of the strong dollar.”

Moya also said the rise in gold prices Thursday “stemmed” from comments from billionaire Thomas Kaplan, founder of Electrum Group, made to Bloomberg Wednesday afternoon. Kaplan told the news agency that he believes gold prices will increase to $3,000 to $5,000 if not higher depending on macro circumstances.”

July silver SIN19, +0.48% rose 7.9 cents, or 0.6%, to $14.49 an ounce, extending its rebound to a second straight session after settling Tuesday at $14.32, the lowest price of the year so far. Silver futures were set for a weekly skid of 0.5% and a month-to-date slide of 3.3%. The exchanged-traded gold fund, the SPDR Gold Shares GLD, +0.57% meanwhile, was trading up 0.2% for the week, with a 0.3% gain in sight for the month, and the silver-focused iShares Silver Trust SLV, +0.60% was set for a 0.4% weekly decline and drop of 3% in the month to date.

Precious metals have enjoyed some gains from the flight to perceived safety in gold during the Sino-American trade clashes, but worries about global demand and a strengthening dollar have also capped bullion’s moves. market participants have said.


Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Ed Moya

Ed Moya

Senior Market Analyst, The Americas at OANDA
With more than 20 years’ trading experience, Ed Moya is a senior market analyst with OANDA, producing up-to-the-minute intermarket analysis, coverage of geopolitical events, central bank policies and market reaction to corporate news. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business and Sky TV. His views are trusted by the world’s most renowned global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Breitbart, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
Ed Moya