Metals struggle, uranium rises

GOLD fell further in midweek trade, dropping to $1215 an ounce after touching $1240/oz only days ago.

  • Staff Reporter
  • 02 November 2018
  • 05:11
  • News
Metals struggle, uranium rises

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"Gold continues to decline, and a close below $1214 would suggest more losses in the direction of $1205, and then $1195, are likely," IG market analyst Chris Beauchamp said.
 
"A bounce from $1214 support would target the $1236 highs from earlier in the month."
 
In base metals, nickel and zinc fell by around 2% each, with nickel hitting a 2018 low.
 
Aluminium fell to its lowest point since August 2017.
 
The uranium spot price continued its quiet ascension, adding another 10c to $28.10 per pound.
 
Overnight, the gold price was fixed at $1232.46 per ounce.
 
The WTI crude oil price was down overnight at $63.49 per barrel.
 
In softer commodities, cocoa increased $30 per tonne or 1.34% to $2264/t yesterday from the $2234 in the previous trading session, tradingeconomics.com reported. Historically, cocoa reached an all-time high of $4361.58/t in July of 1977 and a record low of $211/t in July of 1965.
 
Coffee increased 5.30c per pound or 4.70% to 118c/lb yesterday from 112.70c/lb in the previous trading session, tradingeconomics.com reported. Historically, coffee reached an all-time high of 339.86c/lb in April of 1977 and a record low of 42.50c/lb in October of 2001.

 

 

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