Gold closed with gains for the fifth consecutive session

Gold closed higher on Thursday with gains for the fifth consecutive session, which seems to be overcoming its recent weak performance and is recording the biggest upward trend since November, after the announcement of the US inflation data in January, which moved higher than expected.

The consumer price index rose 0.6% on a monthly basis and 7.5% on an annual basis in January, moving to a 40-year high. The increase in the cost of living in one year is the largest recorded since February 1982.

Gold was temporarily down after the announcement of the data, but then recovered and continued its five-day uptrend, the largest since the seven-day period in November 2021, according to data from the Dow Jones network.

Prices have found support near the moving average of the last 18 sessions, at $ 1,820, says Peter Spina, President and CEO at GoldSeek.com, speaking to MarketWatch.

“There is just too much gold in the gold market lately, which is difficult to make prolonged corrections. Gold is simply refusing to fall below $ 1,800,” he added.

Bloomberg reports that the rise in the price of crude oil is expected to create a wave of unexpected profits for Russia in 2022 amounting to between 65 and 73 billion dollars, with the price of crude between 90 and 100 dollars per barrel, under Russian law, “means that a large amount of these resources will be invested in a highly diversified portfolio,” Spina notes.

Yellow metal has historically been an investment product in which oil profits are placed.

Gold for April delivery was up 80 cents, or less than 0.1%, at $ 1,837.40 an ounce, its highest level since Jan. 25. March silver gained 18 cents, or 0.8%, to $ 23,522 an ounce.

In other metals, March copper gained 1.2% to $ 4.66 a pound. April platinum added 0.5% to $ 1,042.50 an ounce, while palladium for March closed at $ 2,265.30 an ounce, down 0.9%.