Precious Metals Continued to Fall on July 7
Precious metals fell on July 7, 2017. Gold futures for August expiration were 1.1% lower for the day and ended at $1,209.7 per ounce. During the past 30 trading days, gold has fallen ~6.7%. Silver lost the most. It fell ~3.5% on Friday and ended at $15.4 per ounce. Silver has fallen 12.8% on a 30-day trailing basis.
The call implied volatility in silver rose to almost 21.2%—the highest volatility for silver in the past month. Platinum and palladium were also trading lower. Platinum fell 0.66% and ended at $902, while palladium fell 0.11% and ended at $836.7 per ounce.
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Funds and miners fell
The above chart shows the performance of gold and silver over the past month. A visible downward trend can be observed for gold and silver.
The fall in precious metals was in the wake of better-than-expected US economic numbers. In the next part, we’ll discuss the data in more detail. Also, the rising US dollar was an important determinant of the fall in precious metals.