Gold (GC=F) June futures opened at $4,715.60 per troy ounce on Friday, down 0.2% from Thursday’s closing price of $4,724, and down nearly 1% from Thursday’s opening price. The gold price moved lower in early trading, at $4,700.20 at 6:35 a.m. ET.
Silver (SI=F) May futures opened at $75.56 per ounce on Friday, basically even with Thursday’s closing price of $75.50. Compared to yesterday’s opening price, silver is down 3%. The price of silver continued to slide in early trading, at $74.83 as of 6:35 a.m. ET.
Higher oil prices and a stronger U.S. dollar are putting downward pressure on gold and silver prices. Over the last five days, Brent crude oil (BZ=F) prices have been up nearly 11.5%, and the U.S. dollar index (DX-Y.NYB) has been up 0.70%.
Israel and Lebanon agreed to extend their ceasefire by three weeks, but the tensions in the Middle East do not seem to be lifting. With the Strait of Hormuz closed, the resulting supply chain issues have sent energy prices soaring and have injected real inflationary concerns in the U.S. and abroad.
The opening price of June gold futures on Friday was down 0.2% from Thursday’s close. Here’s a look at how the gold price has changed versus last week, month, and year:
One week ago: -1.2%
One month ago: +8.7%
One year ago: +42.7%
On Jan. 29, gold’s one-year gain was 95.6%.
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The opening price of May silver futures on Friday was even with Thursday’s close. Here’s how the opening silver price has changed versus last week, month, and year:
One week ago: -8.3%
One month ago: +9.4%
One year ago: +126.7%
Learn more: How to invest in silver: A beginner’s guide
A gold investment can add stability and inflation protection to your portfolio. But it can also dilute your gains when stock prices are rising quickly. Finding the right balance between gold’s diversification benefits and profiting from growth potential in other assets can be challenging.
Even the experts are divided on how to achieve the correct balance. Below, five experts explain their recommended gold allocations, which range from 0% to 20%.
Learn more: How to invest in gold in 4 steps
Robert R. Johnson, professor at Creighton University’s Heider College of Business, does not advocate gold investing. In his words, “while having a small position in precious metals may dampen portfolio volatility in the short-run, the tradeoff between slightly dampened volatility and the lost long-term return is certainly not a prudent one, particularly for Gen Z/millennials with long…
Source: finance.yahoo.com
