Home » Commodities cover the back for the worldwide economy. Gold +0.23% (Jun 9, 2022)
Gold futures are up today. So far in Wednesday’s U.S. session, gold prices have climbed higher. Gold futures for August are currently trading at $1,000 per troy ounce, a slight increase from earlier in the day. While the price of gold is still relatively low compared to its all-time high of over $1,800 per troy ounce, it is still a valuable commodity that is worth watching.
On Wednesday, gold prices reached a new all-time high of $1,878.60 per troy ounce. This is the highest price that gold has ever traded at and represents a significant increase from the previous record price of $1,838.50 set just two days ago. Gold prices have been on a tear lately, as investors seek safe haven assets amid concerns about the global economy. With interest rates near zero and many central banks printing money, there is deflationary pressure on currencies, which is driving up the price of gold. Gold is seen as a hedge against inflation and a store of value, so it is expected to continue to rise in value in the coming months.
Silver rattled investors yesterday when it unexpectedly fell 0.52 percent to $22.06 per ounce. The silver market had been relatively stable in recent weeks, so the sharp drop came as a surprise to many.
Copper went down by 0.09% in the trading, settling at $4.44 per ounce. Despite the slight dip, copper remains a valuable commodity and is widely used throughout the industry. Its affordability and malleability make it an ideal material for everything from electrical wiring to plumbing.