Price Action
- Gold futures for December delivery (GC00) gained $3.40, or 0.2%, to $1,919 per ounce on Comex.
- Silver futures for September (SI00) gained 26 cents, or 1.2%, to $22.99 per ounce.
- October platinum (PL00) fell by $2.40, or 0.3%, to $912 per ounce.
- Palladium for September delivery gained $3, or 0.5%, to $1,266 per ounce.
- September copper gained 1 cent, or 0.3%, to $3.72 per pound.
Market Drivers
Investors began the week with several noteworthy developments, including a smaller-than-expected interest-rate cut by China’s central bank.
The People’s Bank of China reduced its one-year loan prime rate by 10 basis points to 3.45%. Meanwhile, gold managed to strengthen despite the rise in treasury yields, indicating a potential recovery from its recent slump.
Marc Chandler, chief market strategist at Bannockburn Global Forex, stated, “Gold is trading little-changed after extending its losing streak for the fourth consecutive week.”
The ICE U.S. Dollar Index (DXY) declined by 0.2% to 103.19, and the yield on the 10-year Treasury note increased by 5.5 basis points to 4.302%.
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