Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


Metals Reverse Their Movement

June 15, 2016 at 8:54 by Vladimir Vyun

Metals reversed their yesterday’s moves as gold is falling currently while other metals move up. This is to be expected as the currency market has experienced the same reversal, sending the previously strong dollar down. It looks like traders are betting on no important news from the Federal Reserve’s policy announcement scheduled for 18:00 GMT today.

Many market experts think that the Fed decision is likely to have a very limited impact on markets (unless US policy makers decide to surprise markets and hike interest rates today) as Great Britain’s referendum about leaving the European Union is in the center Toddler Bounce House of attention right now. With uncertainty about the future of Europe, one can expect safe assets (like gold) to be strong while risky ones (like most metals) to weaken.

Futures for delivery of gold in August fell 0.23% to $1,285.1 per troy ounce as of 8:46 GMT on COMEX today. July silver rose just a little by 0.03% to $17.43 per ounce. Spot price for platinum was up 0.43% to $980.05 per ounce. Palladium jumped to trade at 1.33% at $541.36 per ounce. Contract for delivery of copper in July added 1.1% to its value to $2.063 per pound.

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