Metals Stocks: Gold ends under $2,000 an ounce for the first time in over 2 weeks

by | May 16, 2023 | Stock Market

Gold futures settled under $2,000 an ounce on Tuesday for the first time in more than two weeks, with prices marking their fourth loss in five sessions after failing earlier this month to reach a fresh record high.Price action
Gold futures for June delivery

declined by $29.70, or 1.5%, to settle at $1,993 per ounce on Comex, the lowest finish for a most-active contract since May 1, FactSet data show. Prices had marked a settlement high of $2,055.70 on May 4, the second-highest finish on record.

July silver

shed 40 cents, or 1.6%, to $23.89 per ounce.

June palladium
shed $30.70, or 2%, to $1,499.60 per ounce, while July platinum
shed $7.80, or 0.7%, to $1,066.90 per ounce.

Copper for July delivery
declined by 8 cents, or 2.2%, to $3.67 per pound, the lowest finish since late November.

Market drivers Gold prices finished Tuesday’s session under $2,000 after failed attempts this week to reach their highest settlement on record. Prices have settled under that key level only twice so far this month.

Prices have declined as investors brace for a key meeting between President Joe Biden and key lawmakers to res …

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