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Metals Stocks: Gold moves higher as dollar rally relents, jitters climb at month-end

Gold futures rose Friday, finding support as a surge by the U.S. dollar relented.

Gold for June delivery
GC00,
+1.19%

GCM22,
+1.19%

rose $26, or 1.4%, to $1,917.30 an ounce on Comex, putting the yellow metal on track for a 0.9% weekly fall and a 1.9% monthly decline after briefly topping the $2,000 level on April 18. July silver
SIN22,
+0.53%

rose 13.4 cents, or 0.6%, to $23.315 an ounce.

“The price of gold was crushed this week with the dollar rising strongly, which we think may be attributed to a steep selloff in the equity markets,” said Peter Cardillo, chief market economist at Spartan Capital Securities, in a note.

The ICE U.S. Dollar Index
DXY,
-0.40%
,
a measure of the currency against a basket of six major rivals, was down 0.5% on Friday, a day after hitting a five-year high. The index remains up 4.9% in April.

“From a technical perspective, the market has undergone a serious setback. While the war and inflation factors make a solid case for gold to advance to new highs, the above combination we mentioned seems to be a depressing factor for the metal,” he wrote.

Despite the technical damage, the longer-term outlook remains positive, Cardillo said. “We would take advantage of the recent decline and add to long-term positions,” he wrote.

In other metals trade, July copper
HGN22,
+0.18%

rose 0.2% to $4.442 a pound. July platinum
PLN22,
+1.21%

was up 1.3% at $922.90 an ounce, while June palladium
PAM22,
+2.48%

rose 2.4% to $2,262.50 an ounce.

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