Gold breaks below $5,000, silver slides 8% dragging UK miners
Investing.com -- Gold fell more than 4% and silver tumbled over 8% on Thursday, pulling London-listed mining stocks down after stronger-than-expected U.S. producer price data and a Federal Reserve signal of no near-term rate cuts drove both metals to their lowest levels in over six weeks.
At 07:35 ET (11:35 GMT), Gold futures traded at $4,686.49 an ounce, breaking below $5,000, a level that had held for most of the previous six weeks. Silver traded at $71.40 an ounce.
The Federal Reserve held rates unchanged and signalled uncertainty over the inflation outlook, with CME FedWatch data showing markets pricing in no cut before September.
Above-forecast U.S. producer prices for February reinforced that outlook. Rising real yields and a firmer dollar weighed on both metals, limiting any support from safe-haven demand tied to the ongoing U.S.-Israel war on Iran.
Iran’s closure of the Strait of Hormuz and Israeli strikes on the South Pars gas field, the world’s largest, drew retaliatory attacks on energy infrastructure across the Middle East, pushing oil and gas prices higher and reinforcing expectations of prolonged elevated inflation.
On the FTSE 350, Fresnillo Plc fell 8.3% and Endeavour Mining Plc dropped 7.3%. Mid-cap miners bore the heaviest losses: Atalaya Mining Plc declined 12.5%, Pan African Resources Plc shed 9.2% and Hochschild Mining Plc lost 7.2%. Diversified majors Anglo American Plc, Rio Tinto Plc and Glencore Plc fell between 3.2% and 7.4%.
The losses extended a sharp reversal from record highs. Gold has fallen 12.3% from its all-time high of $5,354.80 struck on Jan. 29. Silver has shed 38.3% from its record of $115.15 hit on Jan. 26, and 23.9% from a more recent peak of $93.29 on Feb. 27. The gold/silver ratio widened to 66.1 from 56.3 at silver’s Feb. 27 peak.
Over a longer horizon, both metals retain substantial gains. Gold has risen 126.5% from $2,073.40 at the start of 2024. Silver has gained 191.9% from $24.33 at the start of 2023.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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