Gold heads for best quarter in six on Russia-Ukraine war

Gold was on course to post its biggest quarterly gain since September 2020 as the safe-haven metal's appeal was lifted by the Russia-Ukraine conflict and concerns over sky-high inflation.

However, by 0938 GMT, spot gold XAU= slipped 0.5% to $1,93.40 per ounce and U.S. gold futures GCv1 fell 0.6% to $1,927.80 as oil prices fell.

Oil plunged on news that the United States was considering releasing a large quantity of its Strategic Petroleum Reserve to tackle high fuel prices.

"This (lower oil prices) has somewhat allayed the inflation concerns of market participants, meaning that gold as a store of value appears to be in less demand initially today," Commerzbank (DE:CBKG) said in a note.

Bullion has gained about 5.2% this quarter as a Russia's invasion of Ukraine in late February drove gold to a near record high earlier this month. (Full Story)

Along with the Ukraine crisis, worries over high inflation and whether efforts by major central banks are enough to rein it in are weighing on the economy and helping gold do well, said Brian Lan, managing director at dealer GoldSilver Central.

Meanwhile, European stocks were set for the biggest quarterly drop since the start of 2020. MKTS/GLOB

Non-yielding bullion is considered a safe store of value during uncertain times and a hedge against inflation.

Gold also remains en route to post a monthly rise, despite falling earlier in the month ahead of the U.S. Federal Reserve's decision to hike borrowing costs for the first time in three years to tame inflation. (Full Story)

Silver XAG= dipped 0.6% to $24.69 per ounce. Platinum XPT= slipped 0.7% to $983.27. Still, they were set to record quarterly gains.

Auto-catalyst metal palladium XPD= slipped 1.3% to $2,235.77, but is set for its sharpest quarterly jump since September 2020, having hit record highs earlier this month after the West heaped sanctions on top-producer Russia.

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Comment on Gold on August 6, 2021

 Ending yesterday's session, precious metal Gold had 1 day of decline from 1814 to 1797, closing the day session with a bearish candle around 1804. Although yesterday precious metal Gold was  there are deeper declines every day but the drop is not too strong and the support zone 1793-1797 has not been broken so in my opinion to trigger a deep drop, the precious metal will have to overcome this price zone.  

 - My personal view on precious metal Gold today is to wait for this precious metal to have another drop to the 1793-1797 price range, then wait for a recovery signal to buy up.  If the precious metal Gold breaks through 1793-1797, then 1781 will be the next support area of ​​the precious metal Gold today.

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Comment on Gold on August 5, 2021

  - In yesterday's trading session, we saw the following 2-way sweep of precious metal Gold, after rising to 1831 Gold fell back to 1806, closing the day with a bullish candle with a decent beard.  long term and if looking closely, the price is still in the sideways zone and hasn't changed much so my view on precious metal Gold today is still the same as yesterday.

- We will continue to trade in its sideways range.  Establish a buy position when Gold reaches around the 1805-1808 support and consider selling when the price approaches the 1818-1820 resistance.

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Comment on Gold on August 4, 2021:

  In yesterday's trading session, precious metal Gold mostly moved sideways in the range 1806-1814 and nothing changed compared to yesterday.  

The support for this precious metal is still around 1805-1808 and the upper resistance is 1815-1818 and in my opinion we still have a trade of this pair.

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