12 Jul

Precious Metals Continued to Fall on July 7

WRITTEN BY Meera Shawn

Precious metals

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.

Precious Metals Continued to Fall on July 7

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.

Gold and silver-based funds like the iShares Gold Trust (IAU) and the iShares Silver Trust (SLV) also fell for the day. They fell 1% and 2.8%, respectively.

Mining shares like Royal Gold (RGLD), Alacer Gold (ASR), IamGold (IAG), and Harmony Gold (HMY) fell 0.35%, 0.97%, 3.2%, and 3.1%, respectively.

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