{"id":10244,"date":"2023-05-18T02:05:34","date_gmt":"2023-05-18T06:05:34","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-ends-under-2000-an-ounce-for-the-first-time-in-over-2-weeks\/"},"modified":"2023-05-18T02:05:35","modified_gmt":"2023-05-18T06:05:35","slug":"gold-ends-under-2000-an-ounce-for-the-first-time-in-over-2-weeks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10244","title":{"rendered":"Gold ends under $2,000 an ounce for the first time in over 2 weeks"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002058724\" role=\"document\">\n<p>Gold futures settled under $2,000 an ounce on Tuesday for the first time in more than two weeks, with prices marking their fourth loss in five sessions after failing earlier this month to reach a fresh record high.<\/p>\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for June delivery<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"negative\">-0.20%<\/bg-quote><\/p>\n<p>        GCM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210036712\/delayed\" class=\"negative\">-0.20%<\/bg-quote><br \/>\n       declined by $29.70, or 1.5%, to settle at $1,993 per ounce on Comex, the lowest finish for a most-active contract since May 1, FactSet data show. Prices had marked a settlement high of $2,055.70 on May 4, the second-highest finish on record. <\/p>\n<\/li>\n<li>\n      July silver<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"negative\">-0.51%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"negative\">-0.51%<\/bg-quote><br \/>\n       shed 40 cents, or 1.6%, to $23.89 per ounce. <\/p>\n<\/li>\n<li>\n      June palladium<br \/>\n        PAM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234304205\/delayed\" class=\"positive\">+0.01%<\/bg-quote><br \/>\n       shed $30.70, or 2%, to $1,499.60 per ounce, while July platinum<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"negative\">-0.65%<\/bg-quote><br \/>\n       shed $7.80, or 0.7%, to $1,066.90 per ounce. <\/p>\n<\/li>\n<li>\n      Copper for July delivery<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"negative\">-0.56%<\/bg-quote><br \/>\n       declined by 8 cents, or 2.2%, to $3.67 per pound, the lowest finish since late November.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers <\/h2>\n<p>Gold prices finished Tuesday\u2019s session under $2,000 after failed attempts this week to reach their highest settlement on record. Prices have settled under that key level only twice so far this month. <\/p>\n<div class=\"paywall\">\n<p>Prices have declined as investors brace for a key meeting between President Joe Biden and key lawmakers to resolve the debt ceiling stalemate, said Lukman Otunuga, manager of market analysis at FXTM. <\/p>\n<p>The precious metal is \u201clikely to draw support from the growing fears and jitters around the threat of a potential default,\u201d he said in emailed commentary. \u201cExpect gold prices to be also influenced by global growth fears and expectations around the Federal Reserve\u2019s next policy move.\u201d\u00a0<\/p>\n<p>For now, gold remains \u201ctrapped within a very wide range on the daily charts,\u201d he said. Should $2,000 prove to be unreliable support, prices may sink toward $1,970. However, a rebound from $2,000 could \u201copen a path back\u201d toward $2,015 and $2,032, respectively.<\/p>\n<p>The yellow metal has turned a bit lower for the month, but clings to a gain year to date, supported by a weaker U.S. dollar and worries about a potential recession in the U.S. <\/p>\n<p><strong>Also see<\/strong> Zimbabwe is launching gold-backed digital tokens: What you need to know<\/p>\n<p>Meanwhile, copper futures fell by more than 2% Tuesday to their lowest finish since November, with weaker-than-expected economic data from China dulling the demand outlook for industrial metals.<\/p>\n<p>Retail sales, a key metric for China\u2019s consumption, rose 18.4% from a  year earlier in  April, but that was below the2 0.5% growth expected by economists surveyed by The Wall Street Journal, according to Dow Jones Newswires.<\/p>\n<p>The weaker numbers out of China have knocked\u00a0copper\u00a0prices lower, \u201csending them to their lowest levels since last November, said Michael Hewson, chief market analyst at CMC Markets UK. <\/p>\n<p>Silver and copper futures had fallen sharply on Thursday after \u2018benign\u2019 China inflation data.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-retreats-as-rallys-momentum-wanes-5d1d7a79?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures settled under $2,000 an ounce on Tuesday for the first time in more than two weeks, with prices marking their fourth loss in five sessions after failing earlier this month to reach a fresh record high. Price action Gold futures for June delivery GC00, -0.20% GCM23, -0.20% declined by $29.70, or 1.5%, to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2098,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-10244","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold ends under $2,000 an ounce for the first time in over 2 weeks | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures settled under $2,000 an ounce on Tuesday for the first time in more than two weeks, with prices marking their fourth loss in five sessions\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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