Asian Gold Market: Gold Prices Near Month Highs, Copper Prices Fall Two Consecutive Days
Investing.com – In Tuesday’s Asian afternoon trading (8th), copper prices fell again after China reiterated its current anti-epidemic policy. Gold prices remained stable near the one-month high, supported by weakening expectations for a US dollar rate hike.
At 2:11 pm Beijing time (1:11 am EST), Yingwei’s Investing.com commodities market was shown to drop 0.73% to $ 3.5735 per pound, down for the second day of trading. consecutive. The market fears that a slowdown in economic growth could curb demand for copper, which has fallen sharply this year.
Prices of copper and a variety of other industrial metals rebounded sharply last week on expectations of a rebound in the Chinese economy, but China’s reiteration of maintaining current anti-epidemic policies could see markets reduce previous gains.
However, providing some support to the metals markets, the declining rate hike signals in December pushed the dollar lower for three consecutive sessions.
Several Fed officials have expressed support for a slower pace of rate hikes to prevent economic damage, even as inflation in the US remains at a level close to 40 years. The dollar fell to a nearly two-week low on Monday.
This week, the focus will be on Thursday’s data, which should help investors gauge US inflationary pressures and the Fed’s future policy path.
Meanwhile, a weaker US dollar has strengthened gold, which is close to its highest level since mid-October. The prospect of less aggressive interest rate hikes calmed gold investors after rising interest rates increased the opportunity cost of holding gold, driving bullion and silver prices to annual highs.
It fell 0.31% to $ 1,670.15 per ounce; was down 0.46% to $ 1,672.75 an ounce.
However, the outlook for gold remains uncertain as the Fed also said the final rate could be higher than previously expected.
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Compilation: Liu Chuan
