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Metals News June 19, 2024

19 thg 6, 2024

Silver is under pressure from U.S. stock indices reaching or approaching record highs, reducing its appeal. However, analysts suggest that with a slight increase in bond yields and some geopolitical uncertainties, silver prices may continue to be supported.


The settlement price for July Silver Contracts on June 18 was recorded at $29.56 per troy ounce, up 0.59% from the previous session.


For Platinum, the metal has reached new highs, surpassing significant resistance levels and attracting more interest from investors.


Platinum is supported by fundamental supply and demand factors. Limited supply from major producing countries like South Africa is making this market scarce. Meanwhile, demand in industries, particularly the automotive sector, continues to rise, driving up platinum prices.


Specifically, the July Platinum Contracts settled at $977.20 per troy ounce on June 18, an increase of 0.65% from the previous day.


Copper Contracts for July also increased, with the settlement price on June 18 at $4.49 per pound, up 0.97% from the previous session.

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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.

Economic News August 30,2024

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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.

More upside seen for silver prices in coming months, says UBS

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