Metals Stocks: Gold drops below $1,800 to lowest level in more than a week as dollar rebounds

by | Aug 15, 2022 | Stock Market

Gold futures dipped below $1,800 an ounce, on track to settle below that key level for the first time in more than a week amid a broader pullback in commodity prices as the U.S. dollar advanced and traders grappled with a decidedly “risk off” mood in markets. Price action
December gold futures
fell by $21, or 1.2%, to $1,794.50 an ounce on Comex. Prices for the most-active contract were poised to settle at their lowest since Aug. 5, according to FactSet data.

September silver
lost 49.8 cents, or 2.4%, to $20.20 per ounce. A settlement around this level would also be the lowest since Aug. 5.

September palladium
declined by $48.90, or 2.2%, to $2,170.50 per ounce, while October platinum
shed $30.20, or 3.2%, to $929.20 per ounce.

September copper
dropped 7.5 cents, or 2%, to $3.5935 per pound, on track for its biggest daily drop in a month.

What analysts are saying With equity futures pulling back and Treasury yields falling, markets appeared to be shifting back into “risk off” mode Monday following a torrid four-week rally for the S&P 500
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