Gold and silver prices fell off a cliff on Friday (June 7) after seeing strength earlier in the week.
The yellow metal rose as high as US$2,386.62 per ounce on Thursday (June 6), while its sister metal hit US$31.49 per ounce the same day. But strong US jobs data and gold-related news out of China turned those gains around.
The US Federal Reserve is scheduled to meet next week from June 12 to 13, and although it is not expected to cut interest rates until the fall, Friday’s jobs numbers have raised questions about how many reductions 2024 will bring.
Gold closed Friday at US$2,293.57, while silver finished at US$29.17.
According to the exchange, the issue was related to limit up-limit down bands, which are put in place to restrict extreme share price movements. After it was resolved, the NYSE said it was reviewing erroneous trades in about 40 companies.
The trust’s initial public offering, which closed the same day, raised gross proceeds of US$100 million.
“The Trust will address a need in the market by providing investors with an alternative to holding copper futures. Investor interest in copper is growing globally given its critical role as a key component in electrification, clean energy technologies, electric vehicles and artificial intelligence,” he noted in Thursday’s press release.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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