Articles in Category: Precious Metals

Before we head into the weekend, let’s take a look back at the week that was and the metals storylines here on MetalMiner, including aluminum prices, rising power costs and much more:

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Week of Oct. 11-15 (aluminum prices, power costs and more)

aluminum price

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The Global Precious Monthly Metals Index (MMI) lost ground this month, dropping by 12.9% as the gold price declined and the dollar strengthened last month.

October 2021 Global Precious MMI

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Gold slides, dollar gains

The U.S. gold bullion price fell in September, dropping from $1,814 per ounce as of Sept. 1 to $1,757 on Oct. 1, a 3.1% drop.

Meanwhile, gold historically correlates inversely with the U.S. dollar. Unsurprisingly, the U.S. dollar showed strength in September.

Last month, the Federal Reserve indicated it could soon finally begin tapering asset purchases, which is supportive for the dollar.

After closing Sept. 1 at 92.45, the U.S. dollar index closed Oct. 1 at 94.03.

Fed could begin tapering

As mentioned, the Federal Reserve last month indicated it could be set to begin tapering asset purchases.

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The Global Precious Monthly Metals Index (MMI) fell by 4.2% for this month’s reading, as the gold price took losses early in the month before bouncing back.

September 2021 Global Precious MMI

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Gold price recovers

gold price

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The gold price bounced back after falling to around $1,730 per ounce in early August.

From there, the U.S. gold bullion price rose to $1,815 by the end of the month.

Meanwhile, the U.S. dollar, which typically has an inverse correlation with gold, picked up in the first two-thirds of the month. The dollar index peaked at 93.57 on Aug. 19 before retracing, closing the month at 92.63.

In other relevant indicators, 30-year Treasury bond yield rates opened August at 1.86% and climbed to a high of 2.03% on Aug. 12 before retreating. The 30-year yield rate closed the month at 1.92%.

Thus far in September, the 30-year yield has continued to retreat, closing Tuesday, Sept. 14, at 1.85%.

Meanwhile, the 10-year yield opened August at 1.20% before closing the month at 1.30%.

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Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner:

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Week of Aug. 9-13, 2021 (copper market, steel capacity utilization and much more)

copper mine

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The Global Precious Monthly Metals Index (MMI) fell by 0.7% for this month’s reading.

August 2021 Global Precious MMI chart

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Gold price slides

gold price

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After showing strength in April and May, the gold price has continued to slide in June and July.

The U.S. gold bullion price closed July at just over $1,800 per ounce after closing the previous month at around $1,844 per ounce.

Meanwhile, the U.S. dollar, which typically moves inversely to gold prices, has gained strength in recent months. After dipping below 89 in late May, the U.S. dollar has picked up steam, closing Wednesday at 93.

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The Global Precious Monthly Metals Index (MMI) fell by 5.2% for this month’s reading, as gold prices dipped throughout June.

July 2021 Global Precious MMI chart

The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

Gold price slides in June

gold price

Olivier Le Moal/Adobe Stock

The gold price lost steam in June.

The price opened the month at around $1,870 per ounce before closing at just over $1,800 per ounce.

However, the price has showed some signs of recovery in early July. Gold neared $1,830 per ounce as of Wednesday.

Meanwhile, the U.S. dollar gained strength throughout June. (Gold and the dollar are typically inversely correlated.)

The U.S. dollar index opened June at just under 90 before closing the month at 92.44.

Elsewhere, 30-year treasury yields have dipped below 2% for the first time since February.

The 30-year yield opened June at 2.30% before closing the month at 2.06%. The 30-year yield then fell to 1.91% to July 8.

The 10-year yield opened June at 1.62% and closed the month at 1.45%.

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Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner, including steel sector news, the Biden administration’s release of a 250-page supply chain report and much more:

steelmaking in an EAF

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Week of June 7-11 (steel sector news, Biden administration’s supply chain review and more)

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The Global Precious Monthly Metals Index (MMI) rose by 1.3% for this month’s reading, as the gold price rose to around $1,900 per ounce.

June 2021 Global Precious MMI

Each month, MetalMiner hosts a webinar on a specific metals topic. Explore the upcoming webinars and sign up for each on the MetalMiner Events page.

Gold price picks up to close May

gold price

Olivier Le Moal/Adobe Stock

The gold price made steady gains in May, rising to around $1,900 per ounce to close the month.

Since then, however, the price dropped to around $1,860 per ounce to start June. The gold price then bounced back to around $1,890 per ounce Wednesday afternoon.

Meanwhile, the U.S. dollar index, which generally moves inversely to the gold price, dropped in early May. After that, the dollar trended sideways, closing Tuesday at 90.08.

In other economic indicators, the U.S. 30-year treasury yield, which also generally moves inversely to the gold price, fell to 2.21% on Tuesday. The yield curve rate marked its lowest level since March 2.

The 10-year yield fell to 1.53%, its lowest since March 10.

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copper smelter

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Before we head into the weekend, let’s take a look back at the week that was and some of the metals storylines here on MetalMiner.

In addition, our May 2021 Monthly Metals Index (MMI) PDF is now available for download. The PDF summary includes an executive summary, trends chart and portions of each MMI article (with each page including a link to the full article).

This month’s MMI continued the general theme of rising prices. Copper, for example, reach an all-time high this week. Iron ore and steel skyrocketed, while just about everything else also moved upward.

As for stainless steel, the United Steelworkers union’s ATI strike continues. The MetalMiner team broke down the stainless market recently as part of our monthly webinar series, a video replay of which is available in the MetalMiner video archive.

The MetalMiner Best Practice Library offers a wealth of knowledge and tips to help buyers stay on top of metals markets and buying strategies.

Week of May 10-14 (the copper price, U.S. Steel’s big announcement and much more)

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The Global Precious Monthly Metals Index (MMI) jumped by 7.1% for this month’s index reading, as the gold price gained while the US dollar retraced.

May 2021 Global Precious MMI chart

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Gold price up to three-month high

After stumbling to around $1,735 per ounce in late February, the gold price has gradually picked up steam.

The gold price closed April around $1,790 per ounce. However, gold really picked up last week, closing Friday at around $1,831 per ounce.

The price marked its highest since February.

Instructive for commodities in general, the US dollar has lost strength in recent weeks. In general, the US dollar and gold trade inversely.

The US dollar index closed March at 93.30 before steadily declining in April down to 90.60. Despite a slight recovery in early May, the dollar has continued to slide. The dollar index closed Friday at 90.23.

Meanwhile, in other economic indicators, the 30-year Treasury yield fell to 2.28% last week. Generally, the gold price correlates inversely with bond yields.

The 30-year yield reached a 2021 high of 2.45% in March.

The 10-year yield closed last week at 1.60% after hitting a 2021 high of 1.74% in March.

Furthermore, the US added 266,000 jobs in April, well below expectations. The underwhelming jobs report follows the addition of 916,000 jobs in March. Unemployment ticked up slightly to 6.1% from 6.0% in March.

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