Gold dips below $1700

SPOT gold is trading below $1700 for the first time since March 2021, with the price dropping to $1694 an ounce on Thursday morning.
Gold dips below $1700 Gold dips below $1700 Gold dips below $1700 Gold dips below $1700 Gold dips below $1700

Gold fell below $1700 on July 21

Staff Reporter

This dip occurred after Bloomberg reported that holdings in gold-backed exchange-traded funds had dropped for 15 days, the longest stretch since March 2021.
 
Comex gold for December delivery was trading at $1711/oz. Canaccord Genuity said it was "near-term cautious" on gold but said there was potential for a relief rally later this year or early next year due to slowing global growth.
 
Meanwhile, base metals performed better with nickel gaining 2.8% to $21,129.25 per tonne. Copper was up 1.4% to $7358/t.

 

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