All articles tagged with #comex
Copper prices plummeted by 20% on the COMEX exchange after the US exempted refined copper from new tariffs, leading to a surge in US stockpiles to a 21-year high and creating an oversupply that could impact global prices. The exemption surprised traders who had anticipated tariffs on all copper forms, causing a significant market reaction and raising concerns about future trade policies.
Gold prices edged down after the release of mixed US housing data, which showed a rise in housing starts but a decline in building permits. Housing starts rose 2.2% to a seasonally adjusted annual rate of 1.401 million units last month, while building permits were down 1.5% at 1.416 million units in April. June Comex gold futures last traded at $1,986.60, down 0.32% on the day.
Gold futures prices have fallen following a better-than-expected US jobs report, with June gold down $24.60 at $2,031.80 and July silver down $0.172 at $26.03. The report showed a rise in non-farm payrolls of 253,000, up from the forecasted 180,000. Global stock markets were mixed to firmer overnight, with US stock indexes pointing towards higher openings. The US dollar index is slightly higher, while Nymex crude oil prices are trading around $70.50 a barrel. The gold futures bulls have the strong overall near-term technical advantage, while the silver bulls have the solid overall near-term technical advantage.
Gold futures and bullion traded on the spot gold market jumped about 2% on Tuesday, reaching $2,038.20 an ounce, with the view of possibly setting new record highs in days. The rise in gold prices is a sign that traders expect US interest rates to fall this year. The Federal Reserve has added 475 basis points to US rates over the past 13 months, bringing them to a peak of 5%. Money markets traders followed by Investing.com seemed to be betting that the Fed may be done with its hiking cycle.