Metals Stocks: Gold prices slip for 2nd day as disappointing China trade data, Moody’s downgrades boost U.S. dollar

by | Aug 8, 2023 | Stock Market

Gold futures settled lower for a second straight session on Tuesday as disappointing trade data from China, a credit rating warning for U.S. banks, and some weak corporate earnings resulted in some flight to the safety of the U.S. dollar and Treasuries. Price action
Gold for December delivery

fell by $10.10, or 0.5%, to settle at $1,959.90 per ounce on Comex.

Silver futures for September delivery

fell by 42 cents, or 1.8%, to end at $22.81 per ounce.

Palladium futures for September

declined by $18.10, or 1.5%, to finish at $1,218.10 per ounce, while platinum futures for October

fell by $22.70, or 2.5%, ending at $904.20 per ounce.

Copper futures for September

declined by 7 cents, or 1.8%, to settle at $3.77 per pound.

Market drivers Risk appetite receded on Tuesday following the news that China’s exports and imports contracted more than expected in July, government data showed. The country’s exports plunged 14.5% for the year to July, the biggest decline since the outbreak of the COVID-19 pandemic in February 2020, while imports slid 12.4%, worse than forecast.

Meanwhile, Moody’s decisions to put a h …

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