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Silver Firms While Gold Fades as Fed Risk Caps the Rebound
At the time of writing, spot gold was trading around $4,006.70 per ounce, down 0.22%. Meanwhile, spot silver was trading near $58.47 per ounce, up 0.50% on the session.
Oil Heads for a Nearly 20% Monthly Drop as Markets Focus on Potential Doha Talks
The more actively traded September Brent contract declined 0.6% to $73.46 per barrel. Meanwhile, U.S. West Texas Intermediate crude for August delivery fell 0.8%, or 57 cents, to $70.18 per barrel. WTI is on track for a decline of about $17, or 19%, from its May 29 close.
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GOLD CONTINUES TO PLUNGE, RISKS POSTING A MONTHLY DECLINE OF MORE THAN 10%
As of 4:30 GMT+3, spot gold fell to $3,978 per ounce, after briefly touching $3,942 per ounce during the session, its lowest level in eight months. With the current price action, the precious metal is on track for one of its steepest monthly declines in years, with losses exceeding 10%.
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Gold and Silver Fall as Fed Rate Expectations Outweigh Safe-Haven Demand
At the time of writing, spot gold was trading near $4,015.60 per ounce, down 1.79%. Meanwhile, spot silver traded around $58.18 per ounce, down 1.48% on the session.
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U.S. Dollar Heads for Its Strongest Monthly Gain in Nearly a Year as Markets Watch Jobs Data
The Dollar Index, which measures the U.S. dollar against a basket of major currencies including the euro and Japanese yen, held steady around 101.34, near the 13-month high reached last week. For June, the index is on pace to gain around 2.5%, marking its strongest monthly advance since July last year.
Gold Slips as Fresh U.S.-Iran Tensions Lift Oil Prices, While Fed Rate-Hike Bets Weigh
As of 02:42 GMT, spot gold was down 0.7% at $4,061.35 per ounce. U.S. gold futures for August delivery also fell 0.5% to $4,076.40 per ounce. The precious metal is heading for its fourth consecutive monthly decline, with losses of around 10.4%.
Sovereign Wealth Funds and Central Banks Shift Toward Energy Assets as Dollar Concerns Grow
According to Invesco’s latest survey, institutions managing a combined $29 trillion in assets are increasing their focus on energy assets, infrastructure, and real assets in an effort to make their portfolios more resilient against global shocks.