Precious Metals Decline as Industrial Commodities Show Varied Performance
The metals market saw mixed results on Tuesday, July 28, with precious metals experiencing losses while industrial commodities showed varied performance.
Gold, silver, and platinum all declined in value during the session. Gold fell by 1.36% to $4,021.96 per troy ounce, extending its recent decline. Silver dropped 2.74% to $56.802 per troy ounce, making it one of the weakest performers among precious metals.
Platinum also slipped 2.20% to $1,596.30 per troy ounce. However, despite their short-term weakness, these metals continue to post strong gains over the past year. Gold remains up 21.22%, silver has surged 49.41%, and platinum has gained 14.40% compared to a year ago.
Copper was another industrial metal that declined, falling by 1.07% to $6.2712 per pound. However, it continues to post gains of 11.42% over the past year. Steel prices in China edged down 0.23% to 3,054 yuan per tonne, while HRC steel slipped 0.33% to $1,193.08 per tonne despite remaining nearly 39.05% higher than a year ago.
Scrap steel was one of the biggest gainers of the day, climbing 6.83% to $399 per tonne and building on its recent momentum. The commodity is now up 15.32% over the past year. Tuesday's trading highlighted the mixed sentiment across the metals market.