Commodities and Futures News

Gold prices slide as dollar regains ground; Copper walloped by China fears

2024.07.19 02:09

Gold prices slide as dollar regains ground; Copper walloped by China fears

Investing.com– Gold prices fell sharply in Asian trade on Friday, dented by a mix of profit-taking and as speculation over a potential Donald Trump presidency and stricter U.S. trade policies favored the dollar.

Among industrial metals, copper prices steadied on Friday but were nursing steep losses amid scant cues on more stimulus measures from top importer China, as the country grapples with slowing economic growth.

fell 0.9% to $2,423.89 an ounce, while expiring in August fell 1.2% to $2,426.45 an ounce 01:05 ET (05:05 GMT).

Gold tumbles from record highs

Spot prices were now trading about $50 below a record high hit earlier this week, facing some profit-taking after a strong melt-up over the past seven days.

Initial strength in gold was driven chiefly by growing optimism over interest rate cuts in the U.S., with traders seen pricing in an over 90% chance the Federal Reserve will cut rates by 25 basis points in September, according to .

While these bets still remained in place, the dollar found some strength this week from unexpectedly strong jobless claims data, which showed the labor market- a key consideration for the Fed to begin cutting interest rates- remained resilient. 

Speculation over a second term for Trump- after the former president saw a massive boost in popularity in the wake of a failed assassination- also benefited the dollar, on bets that Trump’s protectionist policies could direct more capital back into the country. 

Other precious metals also sank on Friday, tracking gold’s decline. fell 0.5% to $976.60 an ounce, while slid 1.6% to an over two-week low of $29.762 an ounce. 

Copper nurses steep losses on China jitters 

Copper prices steadied on Friday but were nursing steep losses this week on growing uncertainty over top importer China. 

Benchmark on the London Metal Exchange rose 0.3% to $9,411.0 a tonne, while one-month rose 0.3% to $4.280 a pound. 

Both contracts were down between 4.7% to 7% this week.

Losses in copper were initially sparked by weaker-than-expected Chinese economic growth data for the second quarter.

Reports that the U.S. was considering stricter trade restrictions against China also dented sentiment towards the country, as did speculation over a second term for Trump.

Additionally, the Chinese Communist Party’s Third Plenum, which began earlier in the week, yielded scant cues on more stimulus measures from Beijing. While officials did vow to provide more support, they did not offer any details on the planned measures.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 96,557.87 1.38%
ethereum
Ethereum (ETH) $ 3,324.42 2.75%
tether
Tether (USDT) $ 1.00 0.12%
solana
Solana (SOL) $ 247.49 3.61%
bnb
BNB (BNB) $ 652.06 1.15%
xrp
XRP (XRP) $ 1.35 7.55%
dogecoin
Dogecoin (DOGE) $ 0.415032 3.72%
usd-coin
USDC (USDC) $ 1.00 0.02%
cardano
Cardano (ADA) $ 0.978896 7.55%
staked-ether
Lido Staked Ether (STETH) $ 3,321.91 2.78%
tron
TRON (TRX) $ 0.20469 4.27%
avalanche-2
Avalanche (AVAX) $ 39.64 5.91%
the-open-network
Toncoin (TON) $ 6.14 4.33%
shiba-inu
Shiba Inu (SHIB) $ 0.000025 3.58%
stellar
Stellar (XLM) $ 0.478547 5.92%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,926.97 3.00%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 96,283.80 1.32%
polkadot
Polkadot (DOT) $ 8.44 1.54%
chainlink
Chainlink (LINK) $ 16.71 4.97%
bitcoin-cash
Bitcoin Cash (BCH) $ 504.96 0.90%
weth
WETH (WETH) $ 3,323.43 2.87%
sui
Sui (SUI) $ 3.32 4.21%
pepe
Pepe (PEPE) $ 0.00002 4.58%
leo-token
LEO Token (LEO) $ 8.56 1.18%
near
NEAR Protocol (NEAR) $ 6.41 2.65%
litecoin
Litecoin (LTC) $ 94.37 4.64%
aptos
Aptos (APT) $ 11.89 6.54%
uniswap
Uniswap (UNI) $ 10.41 4.47%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,501.36 2.78%
hedera-hashgraph
Hedera (HBAR) $ 0.141365 6.92%
usds
USDS (USDS) $ 1.00 0.04%
internet-computer
Internet Computer (ICP) $ 10.70 6.07%
crypto-com-chain
Cronos (CRO) $ 0.184244 5.29%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.539985 5.56%
ethereum-classic
Ethereum Classic (ETC) $ 27.82 6.49%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.50 8.23%
render-token
Render (RENDER) $ 7.49 4.32%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.13%
kaspa
Kaspa (KAS) $ 0.149489 4.97%
bittensor
Bittensor (TAO) $ 505.43 1.86%
whitebit
WhiteBIT Coin (WBT) $ 24.37 1.53%
dai
Dai (DAI) $ 0.999586 0.08%
bonk
Bonk (BONK) $ 0.000045 7.25%
arbitrum
Arbitrum (ARB) $ 0.821664 3.51%
celestia
Celestia (TIA) $ 7.71 11.05%
mantra-dao
MANTRA (OM) $ 3.66 0.40%
vechain
VeChain (VET) $ 0.040252 6.57%
filecoin
Filecoin (FIL) $ 5.40 0.02%
cosmos
Cosmos Hub (ATOM) $ 8.27 0.34%
okb
OKB (OKB) $ 52.90 4.32%