Metals News July 30, 2024
30 thg 7, 2024
The Dollar Index rose on Monday, reaching its highest level in 2 weeks, as the Canadian dollar and the British pound fell to their lowest levels in 8 and a half months and 3 and a half weeks, respectively, against the US dollar.
Additionally, short covering ahead of the FOMC meeting also boosted the US dollar's rise.
September Silver Futures prices reversed their trend and fell in the early week session. The settlement price on July 29 was $27.866 per troy ounce, down 0.55% from the previous week's session.
October Platinum Futures prices increased in the early week session. The settlement price on July 29 was $957.6 per troy ounce, up 1.4% from the previous week's session.
September Copper Futures prices continued to decline in the early week session. The settlement price on July 29 was more than $4.08 per pound, down 0.96% from the previous week's session.
Source: Barchart
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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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