Gold fell today, struggling to stay above the $1,200 level, amid speculation about an interest rate hike from the Federal Reserve in the near future. Other precious metals, with the exception of palladium, dropped as well. Higher borrowing costs would make
The metals also suffered from the relatively optimistic market sentiment. Traders felt more secure as stock indexes gained, making secure assets less interesting for speculators.
According to the CFTC Commitment of Traders report, the number of long positions on gold managed by funds decreased while the number of shorts increased. Nevertheless, there were more long positions than short ones.
Futures for delivery of gold in August fell 0.74% to $1,207.7 per troy ounce as of 10:39 GMT on COMEX today, trading near the lowest level in more than three months after falling below $1,200 intraday. July contract for silver sank as much as 1.93% to $15.96 per ounce. Spot price for platinum declined 0.5% to $971.47 per ounce. Meanwhile, palladium went up 0.3% to $540.11 per ounce.
If you have any questions and comments on the commodities today, use the form below to reply.