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Metals Recover After Monday’s Slump

July 2, 2019 at 22:55 by Vladimir Vyun

Gold and other metals were recovering after yesterday’s slump today. While the United States and China agreed not escalate the trade conflict further, may market participants are somewhat skeptical about chances of successful resolution of the disagreement between the countries. US President Donald Trump stoked concerns, saying that the trade deal with Beijing “has to be a deal that is somewhat tilted to our advantage”. China was far from being the only country targeted by US tariffs as the Trump administration proposed to put tariffs on $4 billion worth of imports from the European Union. It looks like trade wars are far from being over, and that was helping bullion in its role of a safe haven. The fact that markets have priced in basically a 100% chance of an interest rate cut by the Federal Reserve in July was helping gold as well.

Futures for delivery of gold in August climbed 1.53% to $1,429.50 per troy ounce as of 22:47 GMT on COMEX today. September contract for silver advanced 0.83% to $15.37 per ounce. Spot price for platinum advanced 0.21% to $831.83 per ounce, and price for palladium rose 0.16% to $1,565.65 per ounce. Copper also joined the rally despite being riskier industrial metal as September futures rose 0.11% to $2.6670 per pound.

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