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Copper declined a day after reaching an all-time high of more than $11,000 a ton, with investors cautioning its rally may have been running ahead of weak physical fundamentals. Gold also hit an all-time high, before slipping as investors assessed recent hawkish commentary from Federal Reserve officials.
Gold futures, based on the most active June contract, are currently trading at $2,438.50, up $21.10 or 0.87% for the day. The June contract opened at $2,422.20, reached a high of $2,454.20, and a low of $2,411.10.
Invesco Senior Commodities ETF Strategist Kathy Kriskey discusses gold and copper hitting record highs and says commodities are the answer in times of uncertainty. She speaks with Eric Balchunas and Scarlet Fu on "ETF IQ.
(Kitco News) - Gold and silver prices are higher at midday but down from their overnight highs that saw gold hit a record high of $2,454.20 an ounce, basis June Comex futures, and silver hit an 11-year high of $32.75 an ounce, basis July Comex futures. Safe-haven demand is featured in both precious metals markets to start the trading week, especially from China, as geopolitics is back on the front burner.
Demand for gold stays strong amid rising geopolitical tensions.
(Kitco News) - Gold and silver prices are higher but down from their overnight highs that saw gold hit a record high of $2,454.20 an ounce, basis June Comex futures, and silver hit an 11-year high of $32.75 an ounce, basis July Comex futures. Safe-haven demand is featured in both precious metals markets to start the trading week, as geopolitics is back on the front burner.
(Kitco News) - This 5-minute bar chart for Comex gold futures can be a valuable analytical and trading tool for the active intra-day gold futures trader/market watcher. Based on key short-term technical support and resistance levels, I show potential buy and sell price entry points.
The Iranian president crashing in a helicopter on Sunday had gold traders on edge, but this initial surge higher was just a continuation of what we had seen over the last several weeks. Gold remains noisy, but bullish as far as I can see.
Gold surged to a record Monday, jumping as much as 1.4% to hit $2,450.07 an ounce in Asia, surpassing a previous intraday high reached in April. Martin Ritchie reports on Bloomberg Television.
Given current economic indicators and anticipated dovish signals from the Fed, gold prices are expected to remain bullish over the short-term.