Gold prices edge higher; copper tumbles to 16-month lows on recession fears

Gold prices fell on Wednesday, eliminating gains from the previous session as Treasury yields fell further as the U.S. dollar rose.

Meanwhile, in industrial metals, prices fell, widening losses that have materialized over the past two weeks as fears of recession have risen. Copper prices fell to their lowest level in 16 months, dating back to the pandemic-inspired price shock that hit commodities in the spring of 2020.

What do prices do?
  • Or GCQ22,
    + 0.36%
    futures maturing in August fell $ 10.90, or 0.6%, to $ 1,827.50 an ounce.

  • Silver SIN22,
    + 0.07%
    for the July delivery it lost 33 cents, or 1.5%, to quote at $ 21.09 per ounce.

  • Platinum 22 PLN,
    for the July delivery it dropped $ 9.50, or 1%, to $ 917.40 per ounce.

  • Palladium PAU22,
    + 0.90%
    September delivery prices fell $ 24.80, or 1.3%, to $ 1,829 an ounce.

  • Copper HGN22,
    for the July delivery it fell 8 cents, or 2%, per pound.

What analysts say

After falling sharply on Tuesday, industrial metals such as copper fell when Federal Reserve Chairman Jerome Powell admitted that a recession in the U.S. was certainly a possibility, though he insisted the Fed was not deliberately trying. cause one.

According to Fed Chairman Powell, a recession is “certainly a possibility,” he said yesterday as he testified before the Senate. downside will persist for the time being, “said Daniel Briesemann, Commerzbank’s precious and industrial metals analyst.

Powell will return to Capitol Hill on Wednesday to testify before the House Financial Services Committee. Kit Juckes, Société Générale’s global macro strategist, said the fact that “Jay used the word ‘R'” had triggered “a new round of concern in the markets.”

Other markets
  • West Texas Intermediate Crude for Delivery in August CLQ22,
    down 30 cents, or 0.3%, to $ 105.96.

  • ICE US Dollar DXY Index
    + 0.07%,
    measure of the strength of the green dollar against a basket of rivals, advanced 0.4%.

  • 10-year Treasury yield TMUBMUSD10Y,
    fell 2 basis points to 3.13%.

  • US equities seemed to be heading for a rebound in the opening as the futures of the Dow Jones Industrial Average YMU22,
    + 0.30%
    earned 200 points.

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