Gold, silver, platinum and palladium all surged on Monday morning, beginning the week on a positive note, as a result of better-than-expected US employment data released on Friday and a rebound in China’s Caixin Services PMI, which rose to 41.4 levels from 36.4 in April..
In London morning trading, spot gold inched up 0.2% to $1853.7 per troy ounce, as the US dollar retraced .
Gold inched up as US dollar retraced
Silver increased 1.9% to $22.3 per troy ounce, aiming towards more than a one-month high as the precious metal finally breaches the critical $22 per troy ounce barrier.
US 10-year Treasury yields edged up 2 basis points to 2.9%, just a sliver below the psychological 3% mark.
Platinum rose 0.6% to $1029.0 per troy ounce, hovering around a 2-month high on optimism of a demand comeback in China’s automobile industry following the lockdowns..
Palladium advanced 2.1% to $2014.0 per troy ounce, following Nornickel reporting that it planned to stick to its agreed upon contracts and deliveries, despite supply chain constraints.
Copper lost 0.7% to bottom out around $4.4 per pound, following worse than expected Chinese services PMI data recently.
Aluminum dipped 0.8% to $2766.1 per tonne, hovering near more than a 5-month low, following slowing global demand and Chinese economic recovery uncertainties.
Top things to know about metals today
Iron ore: Iron ore recently traded above $140 per metric ton, following increased investor optimism from China.
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Aluminium: Russian aluminium producer Rusal has recently filed a lawsuit to reattain access to Australian alumina, following a recent ban.
Top things to know about mining stocks today
Glencore (GLEN) has just invested about $200 million in Li-Cycle.
Rio Tinto (RIOgb) was recently sued by Rusal for a share in a jointly owned Queensland alumina refinery.
BHP (BHP)’s chief revenue officer, Brandon Craig has revealed how the company is hoping to go greener in the near future.
Antofagasta (ANTO)’s Los Pelambres mine is currently facing sanctions by the Chilean government.