Gold scores strongest weekly gain since March 2023, but base metals struggle

seekingalpha11-23 07:25

monsitj/iStock via Getty Images Front-month gold futures rallied with their largest one-week move since March 2023, snapping a three-week losing streak, sparked by intensifying geopolitical concerns ...

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The rising tensions have outweighed a stronger dollar and reduced expectations for U.S. interest-rate cuts, at least for now. The gains reflect safe-haven demand given the threat of an escalation in the Russia-Ukraine war, which has been demonstrated by significant inflows into gold ETFs in recent days, Commerzbank analysts said. According to the latest Swiss gold exports for October, demand for the yellow metal is weak in Asia but picking up in Western countries, the analysts added. Front-month Comex gold (XAUUSD:CUR) for November delivery ended the week +5.6% to $2,709.90/oz, the highest settlement value since November 5 and the biggest one-week percentage gain since the week ending March 17, 2023; on Friday, gold gained 1.4%. Front Month November Comex silver (XAGUSD:CUR) ended the week +3.1% to $31.309/oz, its best week in a month; silver rose 1.3% on Friday. ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (RING), (BAR), (OUNZ), (SLV), (PSLV), (SIVR), (SIL), (SILJ), (CPER), (COPX), (OTC:JJCTF) Base metal prices have not fared so well, with front-month November Comex copper (HG1:COM) +0.5% this week to $4.074/lb, but shedding 5.5% this month. The group has struggled in the wake of the U.S. election and the rising dollar, while disappointments over the strength of Chinese stimulus measures also have weighed, BMI analysts said. The dollar had climbed on the back of the potential for higher inflation under a Donald Trump presidency alongside the lower likelihood of Fed rate cuts, and Trump’s victory presents a continued downside risk given rising expectations of a stronger-for-longer dollar, a headwind for base metals, BMI said.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2485324987"}