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Stronger Dollar Hurts Precious Metals, Copper Supported by Sino-US Trade Talks

February 13, 2019 at 22:21 by Vladimir Vyun

Gold and other precious metals traded lower today as the US dollar rallied. Stronger dollar makes it more expensive to buy commodities priced in the US currency, making them less attractive for traders. The greenback rallied despite stagnating headline inflation as underline inflation remained stable. Contract for delivery in April declined 0.37% to $1,309.2 per troy ounce as of 21:59 GMT on COMEX today. March silver dropped as much as 0.96% to $15.54 per ounce. Spot price for platinum went down 0.67% to $786.35 per ounce, while palladium declined 0.51% to trade at $1,398.56 per ounce.

Meanwhile, prices for copper rose thanks to optimism about the Sino-US trade talks. US Treasury Secretary Steven Mnuchin said about the negotiation that it was “so far, so good,” while US President Donald Trump told reported today:

I think it’s going along very well. They’re showing us tremendous respect.

China is the world’s biggest consumer of copper, therefore good news from the world’s second largest economy usually support the precious metal. Copper for delivery of copper in March advanced 0.2% to $2.7775 per pound on COMEX today.

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

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