Metals Stocks: Gold hits 8.5 months low, silver weakest in 2 years

by | Jul 6, 2022 | Stock Market

Gold slipped further on Wednesday, trading at its lowest level since the start of the year, as the U.S. dollar marched higher. Price action
Gold futures
GC00,
+0.02%

GCQ22,
+0.02%
for August delivery were down $3.40, or 0.2%, to $1,760 per ounce, the softest level for a most-active contract since October 2021, an 8.5 month low. Gold was on track for its seventh straight daily decline.

Silver futures for July delivery
SIN22,
+0.75%
remained at their weakest level since July 2020, with the price for the precious metal essentially flat at $19.17 per ounce after five days of declines.

Platinum futures
PLV22,
+0.19%
for October delivery were down $2.90, or 0.3%, to $847 per ounce.

Palladium futures
PAU22,
+0.69%
for September delivery rose $16.70, or 0.9%, to $1,935.

Copper futures
HGU22,
+0.07%
for September delivery shed 1 cent to $3.41 per pound.

What analysts are saying Jim Wyckoff, senior analyst at Kitco, said that the strong dollar is weighing on gold and other commodities.

“The metals continue to reel from a stronger U.S. dollar index that hit a 20-year high this week. The near-term technical charts for gold and silver are fully bearish, which is also prompting the technically based traders to play the short sides of the futures markets,” Wyckoff said. Other markets
The euro
EURUSD,
-0.72%
weakened against the dollar, sliding to less than 1.02 euros to the dollar.

U.S. stock futures
SPX,
+0.16%
pointed to a slightly lower open on the S&P 500, with the futures down 0.5%.

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