On the CME, gold prices continued the decline that began in late May, falling throughout June and July. Gold prices began the month of July at 1,169 USD/Toz before falling by 17 USD/Toz, finally bottoming out at 1,107 USD/Toz on July 20 after undergoing ten straight days of losses. Gold prices are down 6% over the last ten sessions – the longest losing streak since 1996.
Defying expectations, gold prices fell to their lowest point in more than five years this month, resulting from increased selling on the Shanghai Gold Exchange, and from expectations that the Fed would increase interest rates. (Reuters)
Silver peaked at 15.73 USD/Toz on July 6 before dropping 5% to trade at 14.95 USD/Toz on July 7. The price of silver picked up on July 10, but settled at 14.77 on the last day of observation. On July 20, silver traded 0.36 USD/Toz below its seven-day moving average of 15.11 USD/Toz. The US dollar also continues to put pressure on the commodities complex.
Data Sources: CME