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April gold futures added 0.5% at around 05:00 UTC on Thursday. It has also risen in price by more than $8 on the American Comex exchange. And thus, the cost of a troy ounce has already exceeded $1,730.
The May silver futures contract also went up by 0.93%, to $26.372 an ounce. An hour later, the Comex also recorded positive dynamics for May copper futures. Its cost hovered around $4 per 0.45 kg, which eventually increased by 2.08%.
Financial experts believe that the strengthening of metals is not accidental. The main motivator is the uncertain situation in the United States. Recall that the American president has already received a new package of state support for the economy worth $1.9 trillion from the House of Representatives. And now, everyone is on the wait while the situation remains unclear regarding inflation and support for the U.S. economy. Meanwhile, gold is gaining strength against the backdrop of rumors and forecasts.
The strengthening in the price of gold is also brought by the depreciating dollar. World financial experts have repeatedly noticed the following trend in their reviews: recently, gold has become more susceptible to the dollar, rather than to risky sentiments. Another well-known factor is preventing gold from collapsing - global uncertainty regarding the coronavirus. Before the publication of the first reports of the pandemic, the cost of the precious metal was approximately $1,600. And in the summer of 2020, gold soared to phenomenal heights of $2,000.
Copper has also recently shown an upbeat mood which is also due to the American factors. The increase in its value is also due to the news swirling around the package of measures of state support for the U.S. economy. Another growth driver for this metal is the events taking place on another continent. A major labor strike is brewing in South America these days. Chilean miners are speaking out against the new contract proposals from Antofagasta, a copper mining company.