Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Gold at Highest in Three Weeks

June 8, 2016 at 22:54 by Vladimir Vyun

Prices for gold climbed to the highest level in three weeks as the abysmal employment data from the United States squashed chances for an interest rate hike during the next week’s meeting of the Federal Reserve. CME FedWatch shows just a 4% probability of an increase while ahead of the report it was above 40%. It hurt the US dollar greatly, helping gold and other dollar-priced commodities.

Gold also got a bid as a safe haven. Among reasons for investors’ risk aversion was the forecast from the World Bank that slashed the outlook for global growth from 2.9% to 2.4%. Fears of the so-called Brexit were haunting markets as well.

August futures for delivery of gold were up 0.14% to $1,264.10 per troy ounce as of 22:46 GMT on COMEX today. Silver joined the rally as July contract advanced 0.35% to $17.05 per ounce.

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