By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Markets > Commodities > Gold prices hit 1-mth low, copper sinks as risk-off favors dollar
Commodities

Gold prices hit 1-mth low, copper sinks as risk-off favors dollar

News Room
Last updated: 2023/08/08 at 8:38 PM
By News Room
Share
3 Min Read
SHARE

Investing.com– Gold prices steadied near one-month lows on Wednesday as worsening market sentiment and the prospect of more Federal Reserve rate hikes pushed investors into the dollar.

Contents
U.S. CPI, Fed speakers to offer more cues Copper under pressure from China weakness 

Copper prices extended their recent losses as disappointing trade data from top exporter China pointed to weakening demand for the red metal.

Strength in the kept broader metal markets depressed, as investors awaited more economic cues from U.S. (CPI) inflation data due on Thursday. 

Investors stuck to the greenback as a preferred safe haven ahead of the inflation reading, as global risk sentiment deteriorated after Moody’s downgraded several U.S. banks and as Chinese trade data disappointed. 

Non-yielding assets such as gold and other precious metals logged steep losses this week. steadied at a one-month low of $1,926.20 an ounce, while expiring in December were flat at $1,960.05 an ounce by 20:12 ET (00:12 GMT). Both instruments were trading nearly 1% lower for the week. 

U.S. CPI, Fed speakers to offer more cues 

Focus is now squarely on U.S. CPI data for more cues on the world’s largest economy and the path of monetary policy. 

Inflation is expected to have risen slightly in July from the prior month, remaining sticky and potentially attracting more interest rate hikes by the Fed.

are also due in the coming days, after officials flagged a mixed outlook on more rate hikes earlier this week. So far, the Fed has signaled that it will raise rates at least once more this year. 

But the bank also signaled that rates will remain higher for longer- a scenario that bodes poorly for non-yielding assets such as gold. Rising interest rates push up the opportunity cost of holding such assets.

Copper under pressure from China weakness 

fell 0.1% to $3.7743 a pound, hovering near their weakest level in nearly a month. They were also trading 2.4% lower so far this week.

The red metal was battered by weaker-than-expected Chinese trade data on Tuesday, which showed that both and sank in July.

Copper imports to China also fell during the month, indicating that economic ructions in the world’s largest copper importer were now beginning to affect its appetite for the red metal. 

China is struggling to shore up a slowing post-COVID economic recovery, and is likely to signal more stimulus measures in the coming months. 

Markets are also awaiting more cues on China from due later on Wednesday.

Read the full article here

News Room August 8, 2023 August 8, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
King Charles to walk diplomatic high wire with Ottawa speech

Hello and welcome to the working week.Us Brits (like our American cousins)…

Cargo thieves are attacking the U.S. supply chain at alarming rates

Watch full video on YouTube

Don’t underestimate the Chinese consumer

Welcome back. The notion that China needs to rebalance its economy towards…

Oil chiefs warn of end to US shale boom

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects…

Russia’s record air attack on Ukraine dashes hopes for ceasefire

Stay informed with free updatesSimply sign up to the War in Ukraine…

- Advertisement -
Ad imageAd image

You Might Also Like

Commodities

Russia mulls extra tax for some commodities exports, including metals – sources

By News Room
Commodities

Gold prices tumble as Fed talks higher rates

By News Room
Commodities

Crude oil prices endure downturn amid U.S. interest rate hike anticipation

By News Room
Commodities

China approves export licences for chip materials gallium, germanium

By News Room
Commodities

European energy crisis: ECB, IEA and EIB to strategize on systematic transition amid soaring prices

By News Room
Commodities

Federal Reserve interest rate signals prompt oil price dip

By News Room
Commodities

Oil prices inch closer to $100 per barrel amid inflation concerns

By News Room
Commodities

Brent Crude Prices May Hit $120 per Barrel, Warns JPMorgan

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?