Materials Companies Gain as Gold Climbs -- Materials Roundup

Producers of metals and other raw materials rose in a shortened trading session as traders see tepid economic data adding to the chances of rate cuts from the Federal Reserve this year.

The renewed appetite for gold has analysts considering how far gold may climb, potentially up to a new record. "We see a near term breakout above $2,400 [an ounce] for gold soon," Peter Cardillo of Spartan Capital Securities said in a note.

The front-month Comex gold contract ended up 1.6% at $2,359.80 a troy ounce, its highest settlement in almost a month.

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(END) Dow Jones Newswires

07-03-24 1628ET