Gold futures have posted significant and significant gains in trading today, with the most active Comex contract making a profit of just over $ 25 an ounce in June 2021. As of 4:45 pm EST, the most active gold contract is trading up $ 25.50 and is currently trading at $ 1,793.20. After trading under pressure and closing last week, gold futures opened at $ 1,768.10, roughly the same as Friday’s close. The factors contributing to the strong upside today are the weakness of the US dollar, as well as the slightly lower yield on 10-year US Treasuries. It should be noted that today’s high of 1,798.90 falls just below the current major resistance at $ 1,800.
Currently, the dollar index is fixed at 90.95, taking into account today’s decline by 32 points (-0.36). Today’s lower prices are reclaiming about half of Friday’s gains as the dollar index rose about three-quarters of a percent.
Treasury yields fell slightly, shedding roughly three basis points, and are currently trading at around 1.608. The taller 10-year bond, which led to lower yields, was the result of the ISM Manufacturing PMI report for April of 60.7. This was well below the economic forecast, which had the number to be 65 or higher.
According to CNBC, “This compares to the March level of 64.7. The index measures manufacturing activity through a monthly survey of more than 300 purchasing managers in manufacturing companies by the Institute for Supply Management. IHS Markit’s US manufacturing activity rose to an all-time high. The April rate, according to a study compiled by IHS Markit, showed on Monday. The index of business activity in the manufacturing sector in April was 60.5, which is higher than the March indicator of 59.1 “.
Rally for silver, spot and futures
Silver posted the highest percentage gains of all precious metals (gold, silver, platinum and palladium), adding more than 4% today in futures trading. Traders switched to the most active contract in June. The June silver is currently trading at $ 27.01 at $ 1.14 gain today. This represents a 4.43% increase in percentage. Spot Silver or Forex is currently locked at $ 26.87, which translates to roughly $ 0.98. net profit of 3.81%.
Copper futures continue their historic rally
Copper futures have continued their historic rally and are certainly within the range of the all-time high reached in the first quarter of 2011. While the record high for copper futures is $ 4.65 a pound, it is the highest close on record. $ 4.4919 was bought at the close with a big profit today. In fact, if copper maintains its stated earnings today on a weekly basis, it will be the highest closing price ever recorded for a widely used industrial metal.
According to MarketWatch, commodity strategists at Bank of America admitted that “the world is at risk of” running out of copper “amid growing demand for the metal, which paves the way for a spike in prices just as the global economy kicks off.”
In fact, according to this report, current inventories, which are measured in metric tons, are now at the level observed 15 years ago. This, according to the report, means that current inventories will only cover demand for 3.3 weeks, and therefore strategists at Bank of America believe that the price of copper could rise to 13,000 per metric ton, which will be $ 5.89 per pound in the near future. … months. They predict that the copper market deficit, seen as a decline in inventories, will continue through 2022.
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