2 Sep 2013
Metals plunging?
FXstreet.com (Chicago) – Monday has been rather negative for metals’ futures contracts as the gold lost its $1,400 key level to trade at $1,396/oz so far.
The metal had reached highs at $1,411.50 and had rebound from $1,391.80 to accumulate 1.20% losses prior to the closing of the American trading session. Silver followed to accumulate 2.72% losses so far after retracing from $24.04 highs y bouncing off from $23.41 lows. Silver is currently trading at $23.44. Platinum prints small gains at 0.15% and is offered at $1,524.70 after reaching highs at $1,529 and bouncing off lows at $1,510.20. Copper is down 0.14% and is traded at $3.2395 marking $3.2795 highs and $3.2230 lows. Finally, palladium trades with 1.80% daily losses so far and is offered at $724.50 after retracing from $739.40 highs and jumping off $721.10 lows.
One of the main reasons explaining the plunge of prices in metals is the apparent cooling down of Syrian conflict. Over the weekend, the UN stated it needed at least two weeks to determine whether or not chemical weapons were used in Syria. At the same time, the markets and political institutions in the US remained closed in the US due to Labor Day, extending Congress’s decision to attack the Middle Eastern country.
The metal had reached highs at $1,411.50 and had rebound from $1,391.80 to accumulate 1.20% losses prior to the closing of the American trading session. Silver followed to accumulate 2.72% losses so far after retracing from $24.04 highs y bouncing off from $23.41 lows. Silver is currently trading at $23.44. Platinum prints small gains at 0.15% and is offered at $1,524.70 after reaching highs at $1,529 and bouncing off lows at $1,510.20. Copper is down 0.14% and is traded at $3.2395 marking $3.2795 highs and $3.2230 lows. Finally, palladium trades with 1.80% daily losses so far and is offered at $724.50 after retracing from $739.40 highs and jumping off $721.10 lows.
One of the main reasons explaining the plunge of prices in metals is the apparent cooling down of Syrian conflict. Over the weekend, the UN stated it needed at least two weeks to determine whether or not chemical weapons were used in Syria. At the same time, the markets and political institutions in the US remained closed in the US due to Labor Day, extending Congress’s decision to attack the Middle Eastern country.