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Gold Drops After US GDP Growth Beats Expectations

February 28, 2019 at 22:35 by Vladimir Vyun

Gold fell today and most other metals joined the decline. Market analysts explained the weak performance of the market of metals by the rally of the US dollar caused by faster-than-expected economic growth. US gross domestic product rose 2.6% in the fourth quarter of 2018 versus a 2.2% increase predicted by economists.

The market sentiment was negative after the US-North Korea negotiations collapsed. Risk aversion often lend support to bullion, but it was not the case today. It looks like the dollar has more success in attracting investors interested in safe assets.

Contract for delivery of gold in April declined 0.49% to $1,314.7 per troy ounce as of 22:18 GMT on COMEX today. Silver for delivery in May lost 0.8% of its value to $15.64 per ounce. Platinum was the only metal to avoid decline as spot price was little changed at $870.9 per ounce. Palladium fell 0.11% to $1,544.66 per ounce. May contract for copper dropped dropped 0.62% to trade at $2.944 per pound.

If you have any questions and comments on the commodities today, use the form below to reply.

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