Gold futures are trading at their best levels in two weeks on Presidents’ Day. The yellow metal is benefiting from a wide range of factors to kick off the
April gold futures rose $7.30, or 0.54%, to $1,329.30 per ounce at 16:52 GMT on Monday. Gold has not traded this high since the beginning of February, bringing its
Silver, the sister commodity to gold, is heading in the opposite direction to start the week. March silver futures dipped $0.025, or 0.15%, to $15.75 an ounce. The white metal is still up so far on the year 1.3%.
The yellow metal is flirting with $1,330 on a weaker greenback as the US dollar slipped 0.14% to 96.79. A lower buck is good for
Why is the dollar tumbling?
The Federal Reserve has made it clear that it is pausing its rate hikes based on available data. By adopting a “patient” approach to monetary policy, the market may not see any more movements on interest rates until at least June, though the CME Group FedWatch tool has not penciled in a rate hike for the remainder of 2019. Minutes of the Fed’s January Federal Open Market Committee (FOMC) meeting are scheduled for release on Wednesday, which should provide some more clarity.
Gold is generally sensitive to a
On the data front, the central bank is likely combing through the retail sales report that showed receipts plunge 1.2% in December, the steepest drop in nine years. The Fed also noticed jobless claims rising to a
Meanwhile,
In other metals markets, March copper futures tacked on $0.0375, or 1.34%, to $2.835 a pound. April platinum futures edged up $1.10, or 0.14%, to $808.00 per ounce. April palladium futures soared $25.80, or 1.83%, to $1,433.00 an ounce.
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