Investors were also looking forward to the release of the US Federal Reserve minutes for the July meeting, due for publication on Wednesday, in which a further 0.75% interest rate hike is expected. Further down the week, the US jobs data for June is expected to be released.
In London morning trading, Spot gold climbed 0.1% to $1,811 per troy ounce, recovering somewhat from a 5-month low seen in the last trading session.
US 10-year Treasury yields inched lower to 2.9%.
Platinum was up 0.1% to $889 per troy ounce, but was still trading at 19-month lows, following greater concerns that demand will suffer due to higher interest rates.
Palladium fell 1.3% to $1,940 per troy ounce, tumbling from a 3-week high seen recently, as reduced vehicle production globally continues to weigh on the precious metal.
Copper dropped 0.5% to $3.60 per pound, hovering near a 16-month low, following Chile's announcement that it plans to raise copper royalties and after disappointing US manufacturing data.
Aluminum lost 0.1% to $2,444 per tonne, with the industrial metal trading at more than a one-year low, following dampened demand from the construction sector, due to rising borrowing costs.
Iron ore dipped 3.7% to $118 per tonne, as top consumer China still struggles with rising COVID-19 cases and a slow-recovering economic outlook.
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Top things to know about metals today
- Gold: Gold miners in Yukon, Canada, have recently discovered a frozen woolly mammoth.
- Iron ore: Iron ore prices have been mainly depressed due to a number of steel mills in China facing huge losses and cutting production.
- Copper: Chile has just announced that it plans to increase copper royalties for copper miners which mine more than 50,000 tons a year.
- Platinum: Impala Platinum (IMPUY) and AMCU have recently announced that they will be signing a five-year wage deal together.
Top things to know about mining stocks today
- Glencore (GLEN)’s earnings estimate has recently been lowered by Jefferies.
- Rio Tinto (RIOgb) has announced its intent to focus on ESG goals for its Simandou iron ore mine in Guinea.
- BHP (BHP) has recently set new biodiversity targets, in an attempt to create more social value.
- Anglo American (AALI) has just appointed Helena Nonka as Group Director for Strategy and Business Development.