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Gold inches down to year’s minimum
On Monday, market participants were selling metals as well as other assets, which are traditionally referred to as "safe havens" due to the weakening fears of a trade conflict between the United States and China. Quotations of gold futures were diving on Monday and might end the day at the lowest level this year.
June delivery gold contracts headed south 0.6% on the Comex exchange, being worth $1,283.9 an ounce.
The previous week, they went down 2.2% that appeared to be the worst five-day sink since early December 2017.
The price of gold futures with immediate delivery to LME declined by nearly 0.7%, reaching $1,244.68 per ounce. For the last week, they have dipped in price by 2% that also became a record since December.
Representatives of the United States and China drew attention to the success of another round of talks, and they’re going to take place in Washington. Liu He, Vice Premier of the State Council of the People's Republic of China told the both sides made up their minds to take measures, which would prevent a trade war between the two leading countries, including counteraction to the growth of trade duties.
Following the results of bilateral negotiations, China and the United States gave up the idea of mutual increase in trade duties.
Meanwhile, July delivery silver futures went down during Monday's trading by about 0.6%, showing an outcome of $16.355 an ounce.
Silver futures inched down by 0.7%, coming up with $16.3343 per ounce. Additionally, quotes for palladium contracts edged up by 0.5%, trading at $972.58 per ounce.
As for the price of platinum went down by 0.7% and it found itself at the minimum mark since mid-December, which is $881 per ounce. At the same time, the dive appears to be the seventh in a row, which hasn’t taken place since 2015.
The market optimism waned amid stricter restrictions to control rising coronavirus infections. S&P 500 and Nasdaq dropped from the all-time highs, while the USD jumped higher.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!