Commodity Blog

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Gold & Silver Go Higher, Copper Moves in Opposite Direction

February 24, 2016 at 0:10 by Vladimir Vyun

The predicament of crude oil played in favor of gold and silver, creating a risk-negative environment on markets, making safe assets in high demand. As a result, the precious metals rallied. Copper, being an industrial metal, reacted oppositely to the news and dropped.

Feeding the rally of the precious metals was economic data from the United States. World’s Biggest Bounce House While not all reports were bad, the falling consumer confidence and declining manufacturing were yet another reason for investors stick to the safety of gold.

April contract for delivery of gold ticked up 0.6% to $1,229.9 per troy ounce as of 00:04 GMT on COMEX today. May futures for silver rose 0.56% to $15.33 per ounce. Copper edged lower by 0.36% to $2.098 per pound.

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