Gold futures are on track to snap a
June gold futures fell $11.60, or 0.91%, to $1,256.70 per ounce at 16:37 GMT on Monday. Gold prices are trading at a
Silver is trading in the red to start the trading week. July silver futures dipped $0.29, or 1.72%, to $16.96 an ounce. Silver also recorded a weekly decline of close to 3% last week.
The precious metals are being impacted by the ease in geopolitical tensions. Following a chaotic month in Syria and North Korea, foreign political fears appeared to have cooled off, giving traders some breathing room.
Lackluster US economic data has also affected the price of gold and silver. Gold prices were trimmed following
Despite the feeble economic numbers, the US dollar climbed by 0.05% on Monday. A strong greenback is bad for
Gold was further affected by the US government successful in averting a shutdown reminiscent of a few years ago. Congress passed a bipartisan agreement on a spending package that would keep Washington’s doors open until September 30.
Last week, the US gross domestic product (GDP) jumped a lukewarm 0.7% in the first quarter of 2017. This is down from 2.1% and 3.5% in the final two quarters of last year. A paucity of consumer spending, a decrease in government spending, and lower inventory levels were blamed for the weak
If you have any questions and comments on the commodities today, use the form below to reply.