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Metals Trade Lower After Fed Policy Minutes

April 10, 2019 at 23:10 by Vladimir Vyun

Most metals were trading lower today, with the exception of palladium, which was little changed. The possible reason for the losses was the release of minutes of the March Federal Reserve monetary policy meeting. The notes revealed that an interest rate hike remains in the cards — a prospect that is negative for metals, especially gold. But a cut seems also possible, and it would be very positive for the metal market.

Surprisingly, the US dollar was soft as well. Usually, metals and other dollar-denominated commodities trade inversely to the greenback, but that was not the case today.

Futures for delivery of gold in June declined 0.15% to $1,311.9 per troy ounce as of 22:48 GMT on COMEX today. May contract for silver dropped 0.35% to $15.19 per ounce. Spot price for platinum slipped 0.08% to $902.11 per ounce, while palladium was about flat at $1,390.7 per ounce. Copper for delivery in May lost 0.12% of its value to $2.922 per pound.

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

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