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Metals Under Pressure as Dollar Firms

Summary:
Metals were under pressure today as the US dollar firmed after comments of Federal Reserve officials. Not all metals logged losses, though, as platinum was flat and palladium managed to etch some gains. Comments from Fed members revealed that US policy makers were not as dovish as was previously thought and they are not planning to ease monetary policy aggressively. Metals, especially gold, tend to move opposite to interest rates, and prospects for a rate cut was the major supporting factor lately. Still, gold was heading to impressive monthly gains despite the pause in the rally. Futures for delivery of bullion in August declined 0.44% to ,412.40 per troy ounce as of 21:21 GMT on COMEX today. Over the month, futures rallied 8.4% and spot price 8.8% — both the biggest monthly gains since

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Metals were under pressure today as the US dollar firmed after comments of Federal Reserve officials. Not all metals logged losses, though, as platinum was flat and palladium managed to etch some gains. Comments from Fed members revealed that US policy makers were not as dovish as was previously thought and they are not planning to ease monetary policy aggressively. Metals, especially gold, tend to move opposite to interest rates, and prospects for a rate cut was the major supporting factor lately. Still, gold was heading to impressive monthly gains despite the pause in the rally.

Futures for delivery of bullion in August declined 0.44% to $1,412.40 per troy ounce as of 21:21 GMT on COMEX today. Over the month, futures rallied 8.4% and spot price 8.8% — both the biggest monthly gains since June 2016. September contract for silver declined 0.41% to $15.32 per ounce. Copper dropped 0.79% to $2.7135 per pound. At the same time, spot price for platinum was flat at $816.35 per ounce, and palladium gained 0.12% to $1,525.60 per ounce.


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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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