• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Resource Market
    Resource News
    Resource Stocks
    • Resource Market
    • Resource News
    • Resource Stocks

    Weekly Round-Up: Gold and Silver Drop as US Economy Gathers Steam

    Investing News Network
    May. 30, 2014 11:45AM PST
    Resource Investing News

    Investors’ recent affinity for risk sent precious metals downward today. Copper, however, saw some positive moves.

    Investors’ “improved appetite for risk” sent precious metals down to low numbers today, according to Reuters, with gold reaching its lowest level in nearly four months. 

    Specifically, spot gold was down $3.75, or 0.3 percent, at $1,251.25 an ounce, having hit a low of $1,250.20 earlier in the day — that’s the lowest it has been since February, Reuters notes. Meanwhile, US gold futures for June delivery decreased by $5.70, or 0.5 percent, to $1,251.70.

    “With the U.S. economy showing robust recovery signs … investors will be more attracted to the likes of equities, or even platinum group and base metals, given the more appealing fundamentals linked to the industrial growth recovery,” VTB Capital analyst Andrey Kryuchenkov told the news outlet.

    Likewise, spot silver prices are down $0.06, or 0.3 percent, at $18.91 an ounce, according to the publication. CME Group places silver futures for June delivery at $18.96 an ounce; that’s a decline of $0.02, or 0.1 percent.

    Copper, on the other hand, has seen some positive moves. The red metal is up $13.79, at $6,898.25 a tonne, on the London Metal Exchange, The Wall Street Journal reported. Traders, however, are cautious due to uncertainty about China’s manufacturing purchasing managers index.

    “China is still the focus of metals market,” said Richard Fu, head of Asian commodities trading at Newedge. “The metals prices are trying to find the next direction.”

    COMEX copper futures for June delivery are trading down $0.008, or $0.25, at $3.13 a pound, as per NASDAQ.

    Finally, Brent crude is down by $0.50, or 0.45 percent, at $109.47 a barrel, another Reuters article states. It is still up 2 percent for the month and has been staying high due to supply worries and strong oil demand in the US.

     

    Related reading: 

    Bears Run Wild, Gold Sinks to Four-month Low

    All Eyes on Fix Alternatives as Silver Slips Below $19

    Copper Breaks Recent Gains, Still Drawing Optimism

    chinacomex copperspot silvervtb capitalsilver futures
    The Conversation (0)

    Go Deeper

    AI Powered
    NYSE:TAHO

    Maria Smirnova: The Silver Market Today and How to Pick Stocks

    Gold Price Update: Q1 2021 in Review

    Gold Price Update: Q1 2021 in Review

    Latest News

    Cotec Holdings Corp. Notes Hypromag USA Project Update

    Element79 Gold Corp. Announces Changes to Board of Directors with Eye to Drive Corporate Growth

    West High Yield Resources Ltd. Receives Draft Mining Permit for Its Magnesium/Silica Project

    Locksley Resources Announces Significant Expansion of its Exploration Program for both Rare Earths and Antimony After Increasing its Landholding to More than 40 Square Kilometers in California's Mojave Region

    Blue Lagoon Announces Commissioning of MBBR Water Treatment System and Start of Underground Operations at Dome Mountain

    More News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
    • Energy
      • Uranium
      • Oil and Gas
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Industrial Metals
    • Agriculture
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Gaming
      • Cleantech
      • Emerging Tech
    Life Science
      • Biotech
      • Cannabis
      • Psychedelics
      • Pharmaceuticals

    Featured Resource Investing News Stocks

    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES
    ×