Copper recently touched its lowest price level in more than two years, reflecting investors' worries about muted economic growth and the temperamental trade dispute between the U.S. and China. As supplies of the red metal tighten, however, analysts think commodities traders could overcome concerns about the economy, prompting copper prices to move higher. "The current stagnant-to-declining copper price is accurately reflecting a slowing global economy," says Brent Cook, an...
Gold exchange-traded funds are regaining their luster. Investors poured about $2.6 billion into gold-backed ETFs in July, increasing their collective holdings to 2,600 tons-- the highest total since March 2013, data from the World Gold Council show. The price of the precious metal has surged 18% over the past three months and recently eclipsed $1,500 a troy ounce for the first time in six years.
Gold futures fell on Friday, but posted a gain for the week--their third in row. "Drivers for gold have included global growth in negative interest rate bonds, the decline in real interest rates in the U.S., uncertainty regarding U.S./ China trade policy and political unrest in Hong Kong," said Rob Haworth, senior investment strategist at U.S. However, "with bonds and gold overbought and bullish speculative positions at relative extremes last week... gold may be due for a near-term pause," he...
Gold exchange-traded funds are regaining their luster. Investors poured about $2.6 billion into gold-backed ETFs in July, the highest total since March 2013, data from the World Gold Council show. The price of the precious metal has surged 17% over the past three months and recently eclipsed $1,500 a troy ounce for the first time in six years.
* Gold up 1.2% so far this week. * Speculation grows of aggressive central bank easing. * Silver set for second week of gains. * Gold may fall into $1,483-$1,503/oz range -techs. By Harshith Aranya.
Shanghai nickel prices surged, while a key indicator of supply shortage jumped to a decade high on Friday, amid ongoing worries about supplies disruption from top ore producer Indonesia. Shanghai Futures Exchange's most active nickel contract rose as much as 3.7% to 127,700 yuan a tonne, hovering near a record high hit on Monday.
London copper hovered near a two-year low and Shanghai copper fell on Thursday, weighed down by growing fears of a global recession and weak industrial output growth in China.
China has severely restricted imports of gold since May, bullion industry sources with direct knowledge of the matter told Reuters, in a move that could be aimed at curbing outflows of dollars and bolstering its yuan currency as economic growth slows.
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