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Stock Market News: The Dow Falls 500 Points
Markets took a downturn ahead of Friday's jobs report.
Last Updated:
April 4, 2024 at 7:45 PM EDT
27 days ago
Gold Rally Stalls, Other Metal Prices Mixed
Metal prices are mixed, with copper pulling ahead but gold futures slipping 0.1% to $2,312.6 a troy ounce.
The precious metal has, however, rallied 3.3% over the last week and 12% in the year so far, following the Federal Reserve's reiteration of rate cuts being more than likely this year, SP Angel analysts said in a note. Traders are now pricing in two interest-rate cuts this year, SP Angel said.
Elsewhere, copper rose 0.8% to $9,370.5 a metric ton, and 5.6% in the last week alone as manufacturing data improve and supply constraints persist, SP Angel said. The move caught the market by surprise, likely reflecting some short covering and momentum fund inflow—but longer-term demand prospects are improving, with U.S. manufacturing showing a rebound from a sustained downtrend, SP Angel said.