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Gold Approaches First Monthly Rise in Five Months
Gold prices declined today, but they are on track to achieve their first monthly gain in five months, supported by a strong support level near $4,000 per ounce and buying at these levels. Despite a 0.5% decrease in supply to $4,076.53 per ounce in spot trading, the precious metal has increased by approximately 1.8% since the beginning of the month, approaching a monthly gain despite the decline due to profit-taking and the modest rise of the US dollar after its largest drop since January 2023. Gold remains a hedge against inflation, but the potential rise in interest rates reduces its attractiveness. In addition to gold, silver and platinum registered monthly gains despite their declines today.
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