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CHEMICAL & PETRO-CHEMICALCOVERNEWSLETTER

Gold Retreats from Six-week High, Down 0.2%

Gold

 

Gold futures pulled back from their highest levels in six weeks on Wednesday, January 11. Gold for February delivery GCG7, -0.21% fell $2.40, or 0.2%, to $1,182.90 an ounce after trading at a high of nearly $1,192.

Prices settled at $1,185.50 Tuesday for their highest finish since Nov. 29, according to FactSet data. Gold tends to fall when the dollar rises as a firmer buck makes assets priced in the currency, including most gold on the global markets, more expensive to buyers using other monetary units.

 

Elsewhere in metals trading, silver for March delivery SIH7, -1.20% shed 17.8 cents, or 1%, to $16.67 an ounce. March copper HGH7, -0.15% traded at $2.616 a pound, up less than half a cent.

April platinum PLJ7, -1.17% fell $6.70, or 0.7%, to $978.80 an ounce and March palladium PAH7, -1.25% lost $13.70, or 1.8%, to $751.55 an ounce.

Exchange-traded funds fell, with the SPDR Gold Trust GLD, +0.02% down 0.4%, while the iShares Silver Trust SLV, -0.60% shed 0.9%. The VanEck Vectors Gold Miners ETF GDX, -1.06% lost 2.4%.

As for industrial metals, they cooled price gains after a strong start to the week. March copper HGH7, -0.15% fell less than 1 cent, or 0.2%, to $2.61 a pound.

April platinum PLJ7, -1.17% changed hands at $979.80 an ounce, down $3.00, or 0.3%, while March palladium PAH7, -1.25% fell $14.30, or 1.9%, to $751.25 an ounce.

 

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