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Gold Retreats & Silver Falls While Copper Logs Gains

March 11, 2016 at 21:45 by Vladimir Vyun

Today, gold retreated from the highest level in more than a year and silver fell while copper rallied. The rally of crude oil and the resulting gains of stocks resulted in risk appetite among investors. This made industrial metals more appealing that precious ones.

Yesterday, gold surged to the highest level in 13 months. The reason was the policy announcement from the European Central Bank that rocked markets. Yet the ECB policy decision was bearish for gold in a longer term due to the policy divergence between the central bank of Europe (as well as central banks of other developed nations) and the US Federal Reserve.

The CFTC Commitments of Traders report showed that long positions managed by funds far outweighed short ones.

Gold for delivery in April declined 1.79% to $1,250 per troy ounce as of 21:39 GMT on COMEX today. May silver was down 0.44% to $15.48 per ounce. On the contrary, copped gained 0.68% to $2.235 per pound.

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

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