By Myra P. Saefong
Wednesday was expiration day for June gold future
Gold futures tallied back-to-back losses on Wednesday, sending the most-active contract to its lowest end in additional than seven weeks, as costs on the spot market dipped beneath a key technical stage of $2,300 an oz..
Costs for the most-active August futures contract, nevertheless, solely fell to as little as $2,304.70 in the course of the session.
Essentially, there wasn’t a lot behind gold’s downward transfer on Wednesday, stated Brien Lundin, editor at Gold E-newsletter. It seemed to be a extra “technical phenomenon.”
The spot-gold worth drop mixed with the “typical end-of-month place shifts within the futures” to drag costs decrease, Lundin instructed MarketWatch. The truth that silver costs have been up on Wednesday helps this view, he stated.
On its expiration day, the front-month June gold contract (GCM24), misplaced $17.40, or practically 0.8% to finish at $2,299.20 an oz. on Comex. Gold for August supply (GC00) (GCQ24), in the meantime, fell $17.60, or 0.8%, to settle at $2,313.20 an oz., the bottom most-active contract end since Could 3, based on Dow Jones Market Information.
September silver (SI00) (SIU24), in the meantime, added 6 cents, or 0.2%, to settle at $29.26 an oz..
“Evidently gold has settled right into a typical summertime buying and selling vary after a really hectic and spectacular spring rally,” stated Lundin. “For my part, the percentages favor a continuation of this buying and selling vary for the subsequent month or two,” till Federal Reserve price cuts become visible within the early fall.
That stated, the gold charts present “narrowing volatility,” he stated. “In a worth uptrend, this usually presages a worth breakout” and that is probably one thing to observe within the days simply forward.
-Myra P. Saefong
This content material was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is revealed independently from Dow Jones Newswires and The Wall Road Journal.
(END) Dow Jones Newswires
06-26-24 1424ET
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