Trading in precious metals in Asia showed a positive trend yesterday, which is reflected in their value, slowly but surely rising. June gold futures moved to the level of $ 1,741.40 per troy ounce, which reflected an increase of 0.40%. In Asian trading, they fixed a support point in the region of $ 1.716 per troy ounce, while the resistance level was around 1.775.8 dollars per troy ounce.
Silver futures for delivery in July were also able to show a positive trend, however, it was much more modest - only plus 0.07%. Currently, its cost is in the region of 17.480 dollars per troy ounce. On the contrary, copper futures for July delivery began to move downward, losses amounted to about 0.45%. The current copper level is $ 2,411 per pound.
The value of gold is growing, under the pressure of several factors. First, a significant role is played by unfounded fears about a widespread recession, which will entail the implementation of unprecedented measures to stimulate the economy. Secondly, growth itself was somewhat limited due to the breakaway opportunities to make more risky transactions against the background of news about the creation and successful testing of a vaccine against coronavirus.
At present, the precious metals market is closely watching the sharp rise in the world stock markets, which was recorded a day ago and continued yesterday. This rally negatively affected the demand for gold. However, this unpleasant fact could not seriously distract market participants from buying precious metals, and the main demand remained unchanged.
The main share of positivity in the industrial metals market was formed amid good news on increasing the level of industrial production in China. However, if domestic demand is supported by this fact more than enough, external demand has not yet found the proper indicator for growth. Therefore, most experts began to feel that the general positive movement could not last long, which means that we are now dealing with a short-term trend.
Nevertheless, a number of analysts claim that the value of precious metals will be able to recover by the end of this year and even grow slightly against the backdrop of the restoration and strengthening of the global economy. In turn, the speech of the head of the US Federal Reserve Jerome Powell, who spoke out about the slowdown in economic recovery, may also support precious metals.
The cost of most precious metals continues to increase. The only exception was palladium, which showed a slight decrease. It declined by 1.04% and fell to the level of 1.992.29 dollars per ounce.
Meanwhile, the general dynamics of silver was even higher than expected. Even yesterday's recession could not greatly affect investors. Silver lost 0.61% and reached the level of 17.07 dollars per ounce.
The cost of platinum also dropped, resulting in a decline of 0.11%, which pushed it to the level of 817.26 dollars per ounce.
