Metal Prices Fall as Economies of China & Eurozone Slow
Metals slid today on signs of worsening economy in China and the eurozone. China’s Purchasing Managers’ Index fell from 49.6 in February to 48.1 in March. The eurozone manufacturing PMI slipped from 49.0 to 47.7 this month, while the services PMI was down from 48.8 to 48.7.
Positive fundamentals in the United States contrasted with the negative data from Europe and Asia, allowing the dollar to strengthen. The strong greenback pushed commodities, including metals, to the downside. The Standard & Poor’s GSCI Index of commodities declined as much as 1.6 percent.
Gold was down from $1,649.90 to $1,643.00 per ounce as of 20:11 GMT on COMEX today, following the earlier drop to $1,627.50 — the lowest level since January 10. Silver price went down from $32.30 to $31.32 per ounce in New York today. Copper fell from $3.8350 to $3.7765 per pound today.
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