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Gold Holds, Silver and Copper Fall the Early Morning on July 29

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Gold holds at a three-week high, silver fall

Gold is holding its position at a three-week high price level, while silver posted moderate losses in the early morning on July 29. At 7:30 AM EST on July 29, the COMEX gold futures contract for December delivery was trading at $1,340.55 per ounce—a drop of ~0.02%. Silver was trading at $20.078—a decline of ~0.56%. The Bank of Japan’s stimulus failed to meet the market’s expectations. It supported gold prices. The weaker dollar also supported the gold prices in the early morning on July 29.

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On July 28, precious metal producers Newmont Mining (NEM) and Silver Wheaton (SLW) gained 0.83% and 0.59%. Barrick Gold (ABX) fell 0.37%, while Royal Gold (RGLD) remained unchanged. The SPDR Gold Trust ETF (GLD) fell 0.29%. Read Gold and Silver Were Stable on July 28 to learn how gold performed on July 28.

Copper weaker in the early morning

After posting moderate gains on July 28 amid the weaker dollar, copper failed to carry the strength to Friday. At 7:15 AM EST on July 29, the COMEX copper futures contract for September delivery was trading at $2.2 per pound—a drop of ~0.45%. Read Copper Gained Due to the Lower Dollar on July 28 to learn how copper performed on July 28.

Market awaits data from China

The market is looking forward to the Chinese manufacturing PMI (purchasing managers’ index) data to gauge the demand for copper. The manufacturing PMI data are scheduled to release at 9:00 PM EST on July 31. Considering that China accounts for more than 45% of global copper consumption, the economic, manufacturing, construction data from China are used to estimate the demand for copper.

On July 28, major copper producers Freeport-McMoRan (FCX), Glencore (GLNCY), and BHP Billiton (BHP) fell 0.92%, 1.8%, and 0.64%, respectively. Rio Tinto (RIO) gained 0.06%, respectively. The SPDR S&P Metals & Mining ETF (XME) and the PowerShares DB Base Metals (DBB) gained 1.1% and 1.6%.

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