Metals Stocks: Gold retreats as rally’s momentum wanes

by | May 16, 2023 | Stock Market

Gold prices were trading lower again on Tuesday after eking out a modest gain a day earlier. Price action
Gold futures for June delivery

declined by $12, or 0.6%, at $2,010 per ounce on Comex.

July silver

shed 34 cents, or 1.4%, to $23.96 per ounce.

June palladium
shed $22, or 1.5%, to $1,508 per ounce, while July platinum
declined by $6.70, or 0.6%, to $1,068 per ounce.

Copper for July delivery
declined by 9 cents, or 2.3%, to $3.67 per pound.

Market drivers Gold prices have pulled back since reaching their second-highest settlement level on record last week, raising questions about whether the rally in the yellow metal has peaked.

“There does appear to be some weaker momentum for Gold,” said Jameel Ahmad, chief analyst at, in emailed comments. The yellow metal has benefited from a weaker U.S. dollar and worries about a potential recession in the U.S.

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