{"id":10775,"date":"2023-05-19T03:40:37","date_gmt":"2023-05-19T07:40:37","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/gold-futures-settle-at-their-lowest-in-7-weeks\/"},"modified":"2023-05-19T03:40:37","modified_gmt":"2023-05-19T07:40:37","slug":"gold-futures-settle-at-their-lowest-in-7-weeks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=10775","title":{"rendered":"Gold futures settle at their lowest in 7 weeks"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002064704\" role=\"document\">\n<p>Gold prices finished Wednesday at their lowest since late March, a day after settling below $2,000 an ounce for the first time in more than two weeks, as the yellow metal\u2019s recent rally continued to unravel. <\/p>\n<h2>Price action <\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures for June delivery\u00a0<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.42%<\/bg-quote><\/p>\n<p>        GCM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210036712\/delayed\" class=\"positive\">+0.42%<\/bg-quote><br \/>\n       declined by $8.10, or 0.4%, to settle at $1,984.90 per ounce on Comex after losing 1.5% on Tuesday. The settlement was the lowest for a most-active contract since March 29, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      Silver futures for July delivery<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+1.09%<\/bg-quote><\/p>\n<p>        SIN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210317649\/delayed\" class=\"positive\">+1.09%<\/bg-quote><br \/>\n       settled at $23.90 per ounce, up a fraction of a cent.<\/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\">+1.74%<\/bg-quote><br \/>\n       shed $14.70, or 1%, to $1,484.90 per ounce, while July platinum<br \/>\n        PLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/234960229\/delayed\" class=\"positive\">+0.62%<\/bg-quote><br \/>\n       gained $15.70, or 1.5%, to $1,082.60 per ounce. <\/p>\n<\/li>\n<li>\n      Copper for July<br \/>\n        HGN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210057830\/delayed\" class=\"positive\">+1.17%<\/bg-quote><br \/>\n       gained 9 cents, or 2.4%, to $3.75 per pound.  <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Gold futures marked their lowest most-active contract settlement in seven weeks.<\/p>\n<div class=\"paywall\">\n<p>Shifting expectations about the Federal Reserve\u2019s plans for interest rates as U.S. inflation has slowly declined have had an impact on gold since the beginning of the year, analysts said. <\/p>\n<p>\u201cThe correction in\u00a0gold\u00a0has scope to continue if the odds of another Fed hike next month keep rising or rate-cut bets cool further,\u201d said Marios Hadjikyriacos, senior investment analyst at XM, in emailed commentary shared with MarketWatch. <\/p>\n<p>Some recovery in the U.S. dollar over the last couple of weeks has also weighed on the yellow metal. The ICE U.S. Dollar Index<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"negative\">-0.16%<\/bg-quote><span>,<\/span><br \/>\n       a gauge of the greenback\u2019s  strength against other major currencies, was up 0.2% at 102.80 in Wednesday dealings.<\/p>\n<p>Still, \u201cinflation expectations continue to retreat amid rising market worries<br \/>about the fallout from the debt ceiling debacle and ultimately a recession taking hold of the economy later this year,\u201d analysts at Sevens Report Research wrote in Wednesday\u2019s newsletter.  <\/p>\n<p>They said the \u201ctrend in gold remains bullish thanks to the latest run to fresh 2023 highs earlier this month, but price action and market internals have been markedly weak since mid-March and the threat of a breakdown towards $1,900 [an ounce] or even beyond is increasing.\u201d<\/p>\n<p>Meanwhile, copper futures climbed Wednesday, with prices erasing the 2.2% loss they suffered Tuesday, when they settled at the lowest since late November.  <\/p>\n<p>Copper declined Tuesday as \u201cdisappointing economic data out of China weighed on the prospects that a big rebound in Chinese growth would help keep the global economy afloat despite widely held recession fears on Wall Street,\u201d the Sevens Report analysts said. <\/p>\n<p>Strong retail sales data in the U.S. on Tuesday also \u201cbolstered the case for continued aggressive and restrictive Fed policy measures in the months ahead, which will continue to choke off growth, and are more likely to result in a hard landing,\u201d they said. <\/p>\n<p><strong>Read:<\/strong> China\u2019s reopening recovery is running out of steam and starting to worry financial markets<\/p>\n<p>The bottom line is \u201cweakness in the price of copper almost never coincides with a strong global economy or sustainable gains in risk assets, which is the latest anecdotal signal that cracks are already emerging in the economy and further pain is becoming increasingly likely,\u201d the Sevens Report analysts said.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-falls-further-below-2-000-an-ounce-625ddd93?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices finished Wednesday at their lowest since late March, a day after settling below $2,000 an ounce for the first time in more than two weeks, as the yellow metal\u2019s recent rally continued to unravel. Price action Gold futures for June delivery\u00a0 GC00, +0.42% GCM23, +0.42% declined by $8.10, or 0.4%, to settle at [&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-10775","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 futures settle at their lowest in 7 weeks | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold prices finished Wednesday at their lowest since late March, a day after settling below $2,000 an ounce for the first time in more than two weeks, as\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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