Iron ore price slumps to three-week low on weak China demand, strong global supply
Property investment in China fell 10.1% in the first half of 2024 from a year earlier.
Silver, considered by many as “poor man’s gold,” is emerging as best performing commodity of 2016, thanks to increasing interest from hedge funds and Chinese buyers.
So far this this month, prices for the precious metal have rallied about 10%, after breaking through chart resistance at its late October high on Tuesday.
Courtesy of Kitco.
Silver, which has more industrial uses than gold, has suffered amid worries over global growth. But it was last seen trading Wednesday at $17.05 an ounce, which puts it on track for its biggest monthly rise since January 2015.
Gold prices eased on Wednesday as a firmer dollar halted the previous day’s rally.
Spot gold was last down 0.2% at $1,247.36 an ounce, off a one-week high of $1,258.00 touched overnight. U.S. gold futures for April delivery were down $4.90 an ounce at $1,249.40.
Unlike other major commodities, companies don’t mine the metal exclusively. Silver is mostly produced as a by-product as it occurs naturally in ores with gold, copper and lead.
In terms of trading, silver is often traded along with gold so the metal prices tend to closely track bullion’s. Last year, however, silver prices trailed behind gold prices.
Courtesy of Kitco.
