Aluminum fell to the lowest in more than five weeks after closing below technical levels that signal further drops amid concerns lower oil prices will reduce production costs, depressing the price floor.
The U.S. Comex gold futures dropped to a trough of $1,141.70 during Asian Monday morning after the Swiss rejected the Gold Referendum and the OPEC decided not to cut oil production.
Switzerland has sidestepped the threat to its franc posed by the referendum on gold reserves. Now the focus turns to containing the fallout from the European Central Bank’s stimulus program.
The U.S. Comex gold futures rose 1.02% last week and stabilized at around $1,197 level on Tuesday. Year-to-date, the gold futures have fallen 0.43% while the Dollar Index has risen almost ten percent.
Gold prices were 1% higher last week. Gold and silver rose to three week highs Friday after China cut benchmark interest rates to support economic growth, leading to demand for precious metals as a store of value.
Gold and silver futures rose to three-week highs after China cut benchmark interest rates to support economic growth, boosting demand for precious metals as a store of value.
