Gold, Silver And Copper Continue Bullish Trend In July
Gold, silver and copper splash early July. Precious and base metals started July with a Bang, are rising sharply owing to expectations that Central banks worldwide can launch new stimulation measures to support growth after a surprise of Brexit.
Gold on the COMEX division of the NY Mercantile Exchange on Fri traded in a range from $1,323.10 to $1,338.70 per ounce. Gold flies again, as economic situation favors growth in gold costs.
On COMEX silver, meanwhile, continuing to power higher – it had been last up to $1.242, or 6.67%, on 19.865 $per ounce, that could be a 22-month high.
Brexit might cause infection – this creates sizeable uncertainty, that is probably going to be favorable for both gold and silver.
The main catalyst for the increase in costs for precious metals is a so called worry trade driven by expectations that Central banks can before long announce a brand new wave of incentive programs.
Copper traded higher in recent days and now above $4,800 at LME again. Copper looks stronger than it should be – stocks are a lot, the physical market is flat and there is a threat of a weaker global growth after Brexit.
Base metals are rising slowely because the weak Chinese macroeconomic is currently thought-about as the reason for additional easing.
P.S.: Full market reviews for Gold and Copper could be found at our Market Analysis section.