Amidst mixed global economic data, base metals are experiencing a decline, while gold prices are on the rise. Over the span of three months, copper has fallen by 0.4% to $8,601 per metric ton, and aluminum has seen an 0.8% decrease, reaching $2,234 per ton. On the other hand, gold has shown a 0.3% increase, reaching $1,985.50 per troy ounce. The decrease in copper prices is attributed to weakening economic indicators from China, particularly a decline in home sales. Ed Meir, the president of Commodity Research Group, notes that this decline is a contrast to the high levels seen in July. Furthermore, the recent U.S. debt rating downgrade by Fitch is contributing to a negative sentiment in the industrial metals market.
Conversely, ANZ suggests that gold prices are likely to remain within a certain range in the short term, largely due to the anticipation of another interest rate hike by the Federal Reserve in September.