Precious metals are falling on Thursday, following Fed minutes news and against technical levels, after a considerable run-up in silver and a bounce from recent lows in gold.

Gold has dropped 1.66% on Thursday to a one-week low as optimism over a recovery from the economic damage caused by coronavirus-induced restrictions has some investors seeking more risky assets, eschewing the shiny metal’s safe-haven attraction.

U.S. gold futures fell to roughly $1,715 per ounce but has since rallied back a bit to nearly $1723, as stocks have fallen close to 3 pm EST. The SPDR Gold Trust (GLD) shed 1.52% on as well.

“All the supportive programs from the central banks and the government has created an environment where we are not as worried … Markets have been increasingly pricing in the possibility that things might normalize,” Bart Melek, head of commodity strategies at TD Securities, said, adding there was not a huge amount of impetus to buy gold.

Also holding back gold was a firmer dollar index, which climbed 0.3%, making gold more costly for holders of other currencies.

“Gold seems to have lost a little momentum since breaking above $1,750, and the rise in the dollar today doesn’t seem to be helping,” OANDA analyst Craig Erlam said. “However, the enormous amount of monetary stimulus in the system, the need for that to continue for some time, and the inflation risk are all bullish for gold in the longer term.”

 In the FOMC minutes report released Wednesday, Fed policymakers acknowledged the possibility of additional measures to bolster the economy if the economic downturn continues.

Silver meanwhile. which had broken above a key level near $16 and rallied all the way above $18, is off nearly 3.5% Thursday, potentially reeling from key technical levels.

“July silver futures bulls have the solid overall near-term technical advantage with the recent big gains. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the February high of $19.07 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $16.50. First resistance is seen at $18.00 and then at this week’s high of $18.165. Next support is seen at the overnight low of $17.535 and then at $17.34,” analysis from Kitco news said.

TD Securities has recently suggested that silver was becoming more popular again, trading as an industrial metal. “While deteriorating industrial demand has provided a strong headwind against silver prices (leading silver’s performance to lag gold’s), our firming real-time commodity demand indicator suggests it may now become a tailwind,” TDS said.

Since mid-March, the Global Silver Miners ETF (SIL) has been targeting its highest level in three years. Both SIL and the ETFMG Prime Junior Silver Miners ETF (SILJ) have contributed to precious metals sector strength while both have also outperformed silver.

Finally, Palladium also suffered losses, dropping 4% after hitting a one-month high on Wednesday, while platinum slipped 2.4%.

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