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Gold & Silver Extends Rally as Dollar Remains Under Pressure

June 28, 2017 at 20:42 by Vladimir Vyun

Gold and silver continued to rise today as the US dollar dropped to the lowest level since September. One of the reasons for that were the hurdles that the new healthcare bill faced in the US Senate. Another one was the unexpected drop of US pending home sales. But perhaps the most important was the prospect for higher interest rates in the eurozone, Great Britain, and Canada.

Yet monetary tightening in various countries can be detrimental to the precious metals in the longer run. Higher borrowing costs usually encourage investors to buy assets with yield as opposed to commodities, which do not generate return on investment by themselves.

August futures for delivery of gold gained 0.24% to $1,249.9 per troy once as of 20:36 GMT on COMEX today. September silver rallied as much as 1.08% to $16.83 per ounce.

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

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