Gold fell below $1,700 an ounce in New York
New York gold futures fell as low as $1,678.4 an ounce on July 21, the lowest since August 2021. New York gold futures for August delivery rose 0.82% to settle at $1,727.4 an ounce as of July 23 Beijing time.
Precious metal prices may rebound in the near term, but it is difficult to change the wide volatility and weak situation.
Copper prices stabilized and recovered
Copper prices stabilized and recovered slightly this week. By the end of July 23, London copper closed at 7380.15 USD/ton, Shanghai copper rose to 57,400 RMB/ton, both slightly higher than the beginning of the week.
Relatively cautious sentiment ahead of the Fed decision and aggressive rate hikes in non-dollar areas could ease the pressure on copper prices. On the consumer side, as copper prices continue to fall, some downstream enterprises’ purchasing enthusiasm has picked up slightly, boosting the market premium quotation.