17 Apr

How Precious Metals and Miners Are Reacting to Syrian Unrest

WRITTEN BY Meera Shawn

Precious metals movement

Gold rose again on April 16, 2018, but it was a marginal increase compared to the previous trading session. Spot gold rose 0.03%, while futures for April expiration increased 0.2% and closed at $1,347.50 per ounce. Palladium joined gold and rose 2.3%, ending the day at $1,004.80 per ounce and surpassing the $1,000 mark again. Palladium has had gains of almost 7.6% over the past five trading days.

Silver and platinum were negative for the day, each falling 0.11%. They ended the day at $16.70 and $929 per ounce.

How Precious Metals and Miners Are Reacting to Syrian Unrest

The above chart compares the performance of gold and silver over the past month.

Syrian issue

The unrest in the markets has been the most crucial element that’s moving precious metals recently. The US, British, and French air strikes hit Syria on Saturday, April 14, 2018, to counter the alleged poison gas attack that killed many Syrians last week. Putin warned on Sunday about further Western interference in the Syrian matter. Although these factors could have pulled down precious metals, that didn’t happen since the markets had probably already priced in market unrest. Among the mining companies that moved along with gold (IAU) were Franco-Nevada (FNV), Iamgold (IAG), Eldorado Gold (EGO), and Wheaton Precious Metals (SLW), which rose 0.62%, 0.18%, 3.4%, and 0.38%, respectively.

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