Most precious and industrial metals recorded losses on global commodity markets, APA-Economics reports.
On the COMEX exchange, the price of August gold futures fell by $73, or 1.72%, to $4,172.9 per ounce. Spot gold also declined by $54.26, or 1.29%, to $4,155.71 per ounce.
Silver prices also moved lower. On COMEX, September silver futures dropped by $1.42, or 2.13%, to $65.38 per ounce.
Among industrial metals, copper fell by 4.80 cents, or 0.74%, to $6.4 per pound.
Negative dynamics were also observed in the platinum market. Spot platinum declined by $30.90, or 1.82%, to $1,667.63 per ounce.
Analysts attribute the selling pressure in precious metals to growing expectations that tensions in the Middle East will not escalate further, investor profit-taking, and a partial recovery in risk appetite. These factors have weakened demand for safe-haven assets.
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