Latest News

Metals Stocks: Gold, silver extend rally after best week since March

0

Gold and silver prices continued to climb on Monday after cementing their best weekly performance since March.

Price action

Gold futures
GC00,
+0.38%

GCZ22,
+0.38%

for December delivery gained $6.70, or 0.4%, to $1,788 per ounce.

Silver futures
SI00,
+0.96%

QIU22,
+0.94%

for September delivery advanced 24 cents, or 1.2%, to $20.44.

Palladium futures
PA00,
+1.94%

PAU22,
+1.94%

for September delivery gained $44, or 2.1%, to $2,174 per ounce, while platinum futures
PL00,
+1.65%

PLU22,
+1.24%

for October delivery gained $14.30, or 1.6%, to $904 per ounce.

Copper
HG00,
+0.06%

HGU22,
+0.06%

for September delivery was flat at $3.56 per pound.

What analysts are saying

Strategists warned that the latest rally — the biggest for gold and silver since March — has been driven by the perception that the Federal Reserve is planning to slow the pace of rate hikes. Rupert Rowling, a precious metals strategist with Kinesis Money, warned that it could reverse if investors abandon the view that the Fed is already slowing the pace of rate hikes in response to a slowing U.S. economy.

“A large portion of markets’ recent bounce, which gold has also been a beneficiary of, has been predicated on future Fed rate hikes being smaller with fewer of them required. If this proves a false dawn then a fresh slide of both equities, particularly growth stocks, and gold can be expected,” Rowling wrote in an emailed note viewed by MarketWatch.

NIO, other China-based EV maker stocks surge after July deliveries jump

Previous article

Housing correction is ‘dead ahead,’ warns Moody’s chief economist Mark Zandi — here’s how he sees things playing out over the next several months

Next article

You may also like

Comments

Leave a reply

Your email address will not be published.

More in Latest News