Gold futures are rebounding from their lowest levels in about seven months, climbing more than 1% ahead of the Fourth of July holiday. Gold prices are recovering on a weaker US dollar, trade conflict, and bargain buying interest among investors. Can gold reach that crucial $1,300 threshold again?
August gold futures advanced $14.00, or 1.13%, to $1,255.70 per ounce at 15:19 GMT on Tuesday. Gold prices have been taking a beating over the last month, cratering about 4%, despite a myriad of factors that would make the yellow metal bullish.
Silver prices have somewhat recovered on Tuesday, returning to the key $16 level. September silver futures rose $0.20, or 1.26%, to $16.03 an ounce. Like its sister commodity, the white metal has been battered lately, plummeting more than 3% over the last month.
Precious metals are having a breather from the 2018 rout on a lower US dollar as the greenback slipped 0.23% to 96.48. The buck, taking a hit from a recovering euro, helps
Trade spats are also helping the metals market. On Sunday, President Donald Trump threatened to impose stiff global automobile tariffs should major trading partners refuse to make concessions. He told Fox News:
You know, the cars are the big one. We can talk steel, we talk everything. The big thing is cars.
Sources say that the administration could make a big move ahead of the November midterm elections.
In other metal commodities, it is quite mixed before the Independence Day holiday. September copper futures slid $0.025, or 0.85%, to $2.9125 per pound. September platinum futures surged $33.40, or 4.11%, to $846.80 an ounce. September palladium futures tacked on $4.70, or 0.50%, to $939.10 per ounce.
Metals edged lower to start the trading week on slowing growth in the Chinese manufacturing sector. China, the world’s
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