- Gold prices fell to their lowest level of the year and copper prices tumbled as investors reacted to tariffs between the U.S. China as well as a selloff in oil, as Comex gold for August delivery settled -2.3% to $1,278.50/oz.
- Some investors had taken long positions ahead of key central bank decisions this week, but gold only briefly surged yesterday to $1,309.30 before retreating when the dollar strengthened.
- "After it was clear today that gold had failed to clear the $1,300 level, people rushed to the exit," a trader in Europe told Reuters.
- China is the world’s top consumer of many commodities, including copper, and “tariffs on China could be a game changer for metals markets,” says George Gero, managing director at RBC Capital Markets.
- Gold also was hurt this week by expectations of a more hawkish Federal Reserve after raising its policy rate by a quarter percentage point and signaling two more rate hikes this year.
- Among major metals stocks: ABX -2.7%, NEM -1.9%, GG -2.4%, KGC -1.8%, IAG -1.8%, AEM -3.1%, AU -6.1%, FCX -3.9%, TECK -5.8%, WPM -0.5%.
- ETFs: GLD, GDX, NUGT, GDXJ, JNUG, GGN, DUST, IAU, PHYS, JDST, SGOL, JJC, GOEX, UGLD, SGDM, UGL, DGP, GLL, ASA, GTU, GLDI, OUNZ, RING, DZZ, SGDJ, DGL, DGLD, TGLDX, DGZ, CPER, PSAU, GOAU, GDXX, GYEN, BAR, GEUR, GDXS, GLDW, GHS, CUPM, UBG, QGLDX, GHE, MELT, IAUF
- Now read: 4 Factors That Could Lift The Price Of Gold
Original article