Gold futures are retreating from their
June gold futures tumbled $7.40, or 0.57%, to $1,281.40 per ounce at 15:41 GMT on Monday. Gold surged to a
Silver, the sister commodity to gold, is also plunging to start the trading week as the white metal slipped below the crucial $15 threshold. July silver futures fell $0.15, or 1.00%, to $14.94 an ounce. Silver prices recorded a 0.7% weekly decline, adding to their
The metals market took a significant hit on a rising US dollar as the greenback jumped 0.06% to 98.14. The currency posted an admirable 0.7% weekly gain last week. A stronger buck is bad for
US and Chinese data are driving global markets on Monday.
The world’s largest economy reported a 3.2% gross domestic product (GDP) in the first quarter. While this was better than expected, the underlying data raised some eyebrows, including weaker consumer spending, disappointing final sales to domestic purchasers, and slumping business fixed investment. But it appears investors are concentrating on inflation – or the lack thereof. Inflation fell to a 1.4% annual rate in the
China, the world’s
Traders will now look ahead to the next Federal Reserve policy meeting, as well as crucial US economic data, including core inflation and payrolls.
The market is ostensibly more bullish on the global economy than on gold bullion. According to the US Commodity Futures Trading Commission (CFTC), hedge funds and money managers increased their net short positions in gold for the week ending April 23.
In other metal markets, July copper futures were flat at $2.885 per pound. July platinum futures slid $7.70, or 0.85%, to $895.90 an ounce. July palladium futures crashed $89.10, or 6.16%, to $1,358.10 per ounce.
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