Commodities Daily - May 17, 2019
> Gold sinks below $1,290/oz on sharp dollar appreciation. Demand for gold fell following the publication of strong macro data in the US. The recent wave of protectionist measures from the US has so far had little effect on gold prices. Therefore, if the dollar continues to advance gold could well sink to $1,283-1,285/oz.> Prices on base metals moving lower this morning. Although base metal investors shrugged off yesterday's reports of looming US restrictions on China's Huawei, media reports this morning indicating that China might pull out of further talks with the US has triggered a selloff throughout the segment. Copper is down 0.8% to $6,050/tonne, zinc is off 1.1% to $2,600/tonne, while aluminum and nickel are both down around 0.7% to a respective $1,850/tonne and $12,100/tonne.
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