Gold snapped a five-week losing streak

Gold completed its first week of gains in the last six, capitalizing on the decline in the value of the dollar, but without any significant rise to indicate a change in trend.

In particular, in today’s session the August delivery contract of gold was strengthened by 14 dollars or 0.8% and ended at 1,727.4 dollars per ounce.

Thus, for the week as a whole the contract of the precious metal strengthened by 1.4%.

Despite global economic uncertainty, which traditionally turns investors to gold, the US dollar has emerged as a safe haven for the current period, taking much of the precious metal’s shine away.

But with the US currency heading for its first weekly decline in the last four, following disappointing data on the US economy, gold managed to “steal” buyers.

And this is the general trend that seems to prevail in the near future, with some analysts, however, estimating that gold investors will rush to sell in a potential bull run of the metal (sell the rally).

“We expect gold to continue to move against the dollar in July, but we expect investors to ‘sell’ any rally, against the background of expectations for persistent dollar strength in August and beyond,” notes Andrew Schrage, CEO of Money Crashers.

In other metals, silver saw the September contract slip slightly today by 0.5% to $18.61 an ounce, while on the week it edged up 0.1%.

Platinum rose 1% to $867.2 to close the week up +4.4%, while palladium rallied 7.6% to $2,018 and was up more than +10% on the week.

Finally, copper rose 1.6% to $3,349 a pound today, up 3.6% on the week.