Metals News September 5, 2024
5 thg 9, 2024
The Dollar Index today dropped by 0.41%. The dollar weakened after the U.S. trade deficit in July widened to 78.8 billion USD, higher than the 73 billion USD deficit in June and marking the largest deficit in 2 years.
A report from the U.S. Bureau of Labor Statistics on September 4th showed that job openings in July reached only 7.67 million, the lowest since January 2021 and significantly lower than the 8.1 million job openings forecasted by analysts before the report was released.
The December Silver Futures price increased slightly. The settlement price on September 4th was 28.557 USD/troy ounce, up 0.75% compared to the previous session.
The October Platinum Futures price decreased slightly. The settlement price on September 4th was 908.3 USD/troy ounce, down 0.18% from the previous session.
The October Copper Futures price decreased. The settlement price on September 4th was 4.036 USD/pound, down 0.39% compared to the previous session.
Source: Compiled
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The Dollar Index continued to rise, gaining 0.28% to reach 101.27 points. The U.S. dollar strengthened in the latest session as newly released data showed that the U.S. economy grew faster than expected.
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Oil prices surged amid prolonged supply disruptions in Libya, while Iraq prepared to cut production in September. Additionally, strong buying dominated the agricultural markets following the release of favorable U.S. export data by the USDA.
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A weaker U.S. dollar, improving sentiment across financial markets, and record-high gold prices have all contributed to a recent modest rebound in silver prices.
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