As a plethora of positive economic news comes pouring in and the US dollar tumbles, gold futures are trading flat to kick off the trading week. Can the precious metals rebound this week from their worst 2018 settlement levels?
August gold futures dipped $0.50, or 0.04%, to $1,240.70 per ounce at 14:11 GMT on Monday. The yellow metal, which recorded a 1.2% loss last week, has not traded this low since July 2017.
Silver is also trading sideways to commence another week of trading. September silver futures slid $0.01, or 0.06%, to $15.80 an ounce. The white metal also notched a weekly drop of 1.4%, contributing to its
Metal commodity traders are paying attention to multiple news events occurring this week.
President Donald Trump is in Helsinki to meet with Russian President Vladimir Putin to discuss behind closed doors trade, geopolitical issues, election meddling, and military. A second bilateral meeting was also held with aides from both nations. The president called the talks a “very, very good start for everybody.”
On the economic front, US business inventories rose 0.4% in May and retail sales advanced 1.4%, reports the Department of Commerce. The
Moreover, auto sales jumped 0.9%, service station receipts rose 1%, building material stores recorded an 0.8% boost, apparel sales fell 2.5%, and online activity spiked 1.3%.
Observers expect a strong gross domestic product (GDP) reading in the second quarter. The
The US dollar did not seem to be affected by the upbeat economic data or the
Goldbugs will now look ahead to this week’s
In other metals markets, September copper futures slumped $0.013, or 0.49%, to $2.76 a pound. September platinum futures slipped $5.50, or 0.66%, to $824.80 per ounce. September palladium futures plummeted $12.60, or 1.35%, to 920.20 an ounce.
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