Gold Futures Drop After Record Run, Still Expected To Pass $2,000 Per Ounce
Gold futures on Tuesday fell after a record rally, falling just pennies shy of $1,900. The price of gold fell after global equity markets posted gains.
Gold for December delivery was down $30.60, approximately 1.6% of it’s overall value, ending at $1,861.30 per ounce on the Comex division of the New York Stock Exchange.
Gold had reached $1,891.80 on Monday, it’s fifth nominal settlement record in six trading sessions, while it also reached a record of $1,899.40 per ounce for a brief period during daytime trading.
Markets in general were up on Tuesday with the Dow Jones industrial Average increasing by 2.97%, while global markets, specifically in China and Europe showed some life.
The fall in gold pricing is likely not long lived as UBS on Tuesday along with other investment banks upgraded their call on gold prices with estimates placing the price of gold above $2,000 by the end of the year.
Some analysts believe the price of gold is unstable and will fall in the long run, a likely outcome as markets rebound and investors place their money in other sectors. In the meantime, MarketWatch provides information on other precious metals that have watched prices change for the positive and negative.
Copper for September delivery HG1U +0.15% added 4 cents, or 1%, to end at $4 per pound. That was the highest close for copper in nearly a week.
September silver SI1U +0.02% retreated $1.03, or 2.4%, to $42.29 an ounce.
Platinum and palladium also headed lower, with October platinum PL1V -0.11% down $25.60, or 1.3%, to $1,880.10 an ounce. September palladium PA1U -0.71% was off 70 cents, or 0.1%, to $764.40 an ounce
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