Commodities are rallying today.
After finishing Q2 down 23%, gold futures posted their biggest gain in nine weeks. This was driven by chatter that the slump in gold prices was driving demand for gold. The slump in gold first began in April and the precious metal is well off its 52-week high of $1,804.
Commodities also seem to have been given a boost by the manufacturing data that was released overnight.
Here’s a quick look:
- Gold is up nearly 3% to $1,258.20 an ounce
- Silver is up 1.4% to $19.72 an ounce
- Copper is up 3.5% to $3.15 a pound
- Palladium is up 3.9% to $686.55
- Platinum is up 3.19% to $1,379.50
- Crude oil is up 1.5% to $97.98
Here’s an intra-day chart of gold:
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