As the world’s premier investment manager and financial market journalist, I bring you the latest update on gold and copper prices in the Asian trading session. Gold prices remained steady at 11-day lows as traders awaited clarity on U.S. politics and upcoming Federal Reserve meeting. Meanwhile, copper prices continued to fall amid economic uncertainty in China.
Gold rose slightly to $2,398.38 an ounce, while silver increased to $2,399.40 an ounce. The yellow metal had seen a significant drop from its record highs earlier in July, as political uncertainty in the U.S. weighed on prices. Despite some safe haven flows into gold, the strength of the dollar limited its gains.
On the other hand, industrial metals like copper experienced steep losses due to worsening sentiment towards China. Benchmark copper on the London Metal Exchange rose slightly, while one-month copper fell to a 3-½ month low. Concerns over stricter U.S. monetary policy and slowing economic growth in China contributed to the decline in copper prices.
In conclusion, the current market conditions are influenced by political uncertainty in the U.S., economic developments in China, and expectations of potential interest rate cuts by the Federal Reserve. Investors should closely monitor these factors to make informed decisions about their portfolios.