Home World Gold closed: Gold fell below the $1,800 mark intraday, hitting a new low since February, and silver continued to hit a new low in nearly two years._Metal_Delivery_Industry

Gold closed: Gold fell below the $1,800 mark intraday, hitting a new low since February, and silver continued to hit a new low in nearly two years._Metal_Delivery_Industry

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Original title: Gold closed: Gold fell below the $1,800 mark in intraday trading, hitting a new low since February, and silver continued to hit a new low in nearly two years

According to news from the financial world on July 2, concerns about the economic recession hurting the demand for industrial metals put pressure on the market. Gold fell slightly and fell below the $1,800 mark during the session; gold futures fell to a new low since July 2020.

Gold futures for August delivery on the New York Mercantile Exchange fell $5.80 to settle at $1,801.50 an ounce, down 0.3%, the lowest contract close in the most active trade since February and down 1.6% for the week. Gold touched a low of $1,783.40 during the session, the lowest level since January this year. Silver futures for September delivery fell 68 cents, or 3.4%, to $19.667 an ounce, their lowest settlement since July 2020; they were down 6.9% for the week.

Platinum futures for October delivery fell $24 to $871.30 an ounce, down 2.7% and down 3.6% for the week. Palladium futures for September delivery rose nearly 1.2% to $1,938.10 an ounce, after rising 4.5% for the week. Copper futures for September delivery fell 11 cents, or 2.9%, to $3.604 a pound to settle at their lowest level since February 2021 and have lost nearly 3.7% for the week.

As commodities continue to weaken and recession fears hit the market, several commodity analysts said the technical moves in the gold market suggest that the price of gold will continue to slide.

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Gold has found support from buyers as it dipped below the $1,800 mark over the past six months, but this time around, buyers may be coming to the rescue much later, said Alex Kuptsikevich, senior market analyst at FxPro. He said in emailed comments that the latest financial market developments – falling share prices and yields – “suggest that markets are pinning their hopes on a recession”.

Data on Friday showed the U.S. manufacturing index fell 3.1 points to a two-year low of 53% in June, again showing that the U.S. economy is slowing.

At the same time, “the central bank is simply tightening monetary policy faster, putting pressure on longer-term inflation expectations,” Kuptsikevich said. “In this environment, demand for gold as inflation insurance is expected to decline in the coming weeks.”

In industrial metals, China‘s easing of Covid-19 restrictions failed to boost demand for copper, which was at its lowest level in 17 months as worries about slowing global growth continued, a group of analysts at Commerzbank said. Crack down on industrial commodities.

Silver has fallen even more than gold, as it has characteristics of both precious and industrial metals. The excessive decline in silver prices has pushed the gold-to-silver price ratio to its highest level in two years.

Commerzbank’s research team said in a research note: “In addition to falling gold prices, silver prices have also been affected by very weak base metal prices – this is because silver is not only an investment metal, but to the same extent It is also an industrial metal.”

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Source: Finance WorldReturn to Sohu, see more

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