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Gold is in a holding pattern, whilst Copper declines due to China Jitters

Skylar Williams

Aug 19, 2022 11:20

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Gold prices held inside a limited range on Thursday despite inconsistent signals regarding U.S. monetary policy, but Copper prices fell after a profit warning from a big Chinese property developer heightened demand concerns.


Spot gold advanced 0.2% to $1,765.65 per ounce at 22:51 ET (02:51 GMT), while gold futures rose 0.15 percent to $1,778.75 per ounce. In contrast, both assets traded predominantly between $1,750 and $1,810 throughout the previous two weeks.


Gold prices dipped on Wednesday after the minutes of the Federal Reserve's July meeting revealed that the majority of members supported additional rate hikes to battle inflation. Although the central bank expects to reevaluate its rate of tightening in the future, it has indicated that it is likely to continue raising interest rates at a quick pace until inflation is well inside its 2 percent target range.


The dollar index and Treasury rates rose after the minutes were released. Last month, the Federal Reserve raised interest rates by 0.75 percent, and markets are currently divided about whether rates will rise by 0.5% or 0.75 percent in September.


Even if last week's data suggested that U.S. inflation had likely peaked, Fed members stated that it was still much too high to consider relaxing monetary policy.


The pricing of the majority of metals was adversely affected by the dollar's strength. Platinum prices fell 0.4% while silver futures fell 0.6%.


Copper prices fell 0.2% after one of China's leading property developers, Country Garden Holdings Company Ltd (HK:2007), warned of a significant earnings reduction due to a weakening real estate market.


A prolonged slowdown in China's real estate market is likely to have a negative impact on the country's overall economic activity, which could impact commodity demand. The nation is the largest copper importer in the world.


On Thursday, nickel prices decreased by 1.2%, while zinc futures decreased by nearly 4%. Similarly, the trend for iron ore prices is downward.

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