Silver futures finished at a two-year high Monday, and gold booked a gain, as weaker-than-expected economic data were read by some investors as being tepid enough to give the Federal Reserve pause in raising benchmark interest rates in September.
Lower rates for longer tend to be supportive for precious metals prices.
July ISM Manufacturing Index fell to 52.6 from 53.2 in June, which indicated that manufacturers grew at a slightly slower rate in July. Although the index is still at its second-highest reading since June 2015
Spending on construction tumbled 0.6% in June, with declines spread evenly across the private and public sectors.
September silver SIU6, -0.29% gained 15 cents, or 0.7%, to $20.50, representing its best close since July 30, 2014, FactSet data show.
“Silver has come back into relative value [with gold] over the last 30 years,” said Ross Norman, chief executive of London-based metals broker Sharps Pixley Ltd.
Gold also rose modestly on Monday, after closing higher Friday.
December gold GCZ6, -0.25% picked up $2.10, or 0.2%, to settle at $1,359.60 an ounce.Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
0 comments:
Post a Comment