Gold Price Update

Precious metals continued to drift lower on Friday, 15 May, as a strengthening US dollar and persistent US inflation dampened expectations of near-term Federal Reserve rate cuts. Meanwhile, traders also appeared to be booking profits following the recent rally that had pushed silver to multi-month highs. Comex gold prices dropped $171 per troy ounce, hitting a two-week low and extending losses for the second straight session. Silver plunged even further, falling $9.16 per troy ounce to the day’s low of $76.17 per ounce, as rising oil prices erased much of the white metal’s recent gains.