For the second month in a row, the yellow metal ended May with a monthly decline and a loss estimated at 3.6% when it closed the session yesterday, Tuesday, at levels of $ 1836 an ounce. $ 1828 an ounce at the lowest level for the metal in two weeks.

The metal has been affected since the beginning of the week by the rise of the US dollar and the rise in US treasury bond yields, as the general index of the US dollar has risen since the beginning of the week by more than 0.60%, while the yield on US ten-year bonds has risen by more than 2.5% since the beginning of the week.

Gold, after benefiting from its position as a hedge against inflation as it is one of the most important safe havens in the markets, is now interacting negatively with the US Federal Reserve’s tightening of monetary policy and raising interest rates, which raises the opportunity cost of acquiring gold.

In terms of economic data, the US Consumer Confidence figures issued by the Conference Board were positive and rose in May at 106.4 points, compared to 107.3 in April, better than expectations that indicated a rise to 103.9.

During the American session today, Wednesday, the markets are awaiting the SIM manufacturing purchasing managers index issued by PMI in addition to the statements of the US Federal Reserve members Bullard and Williams.

Silver, in turn, is trading at levels of $21.45 an ounce, down by about 0.40%, after a loss that exceeded 1.60% at the close of the session yesterday, Tuesday, and a loss for the month of May estimated at 4.8%.

Platinum is trading at levels of $969, an increase of about 0.50%, while palladium is trading at levels of $1998.