Gold and silver climb, while copper bounces after sharp selloff

Price action

• Gold futures for delivery in August rose $3.40, or 0.2%, to $1,834 per ounce after trading as high as $1,840 earlier.

• Silver futures for July delivery rose to 21 cents, or 1.3%, to $21.41 per ounce.

• Platinum futures for July delivery were essentially flat at $903 per ounce.

• Palladium futures for September delivery rose $60, or 3.3%, to $1,914 per ounce.

• Copper futures for July delivery ticked higher to $3.74 per pound.

What analysts are saying

Industrial metals prices bounced Monday morning after sliding sharply last week as recession fears shook commodity prices, sending prices of everything from copper to crude oil
WBS.1,
+0.30%
to wheat
W00,
+0.59%
lower.

The second quarter of 2022 is on track to be the worst quarter for base metals since the recession of 2008 and 2009, according to analysts from Commerzbank.

Meanwhile, on the precious metals front, the Commerzbank team said a G-7 ban on Russian gold imports would be largely symbolic, since Russian gold has already been barred from the London trading hub by the London Bullion Market Association.

Still, according to data from the World Gold Council, Russia was one of the world’s leading gold producers last year, producing a total of 330 tons — the second-highest tally in the world behind China.

Looking ahead, a spate of eurozone inflation data expected later in the week could weigh on the yellow metal, since hotter-than-expected inflation would increase the pressure on the European Central Bank to raise interest rates aggressively.