“There was a spike higher in precious metals yesterday but investors do not expect a lasting impact from the situation in Ukraine,” Reuters quotes Peter Fertig, director at Quantitative Commodity Research, as saying.
Spot gold is down by just under a percent, at $1,306.60 per ounce, the news outlet notes. Meanwhile, gold futures for August delivery are currently down 0.7 percent, meaning they’re likely to end the week on a down note. Today’s price drop also means gold’s seven-week rising streak has come to an end.
“We may still see gold remaining above $1,300 today but the strong selling seen at the start of the week indicates there is some pressure from market participants to liquidate the metal and push prices lower,” Fertig also said.
On the base metals side, copper saw some weakness again at week’s end amid concerns that Chinese demand for the red metal will lag in the near future. Additionally, copper production is reportedly set to increase, another Reuters article states.