Producers of metals and other raw materials ticked down as a retreat from the sector continued ahead of inflation data.
Gold futures fell for the second straight session, sending the most-active contract to its lowest finish in more than seven weeks, as prices on the spot market dipped below the psychologically significant $2,300 an ounce level. Silver futures have also been on the retreat, but have generated larger year-to-date gains than gold. The gains come partly because of a greater "industrial use application, especially as it relates to electrical conductivity - the highest among all metals," said Adam Turnquist, chief technical strategist for LPL Financial.
"According to the Silver Institute, industrial demand for silver reached record highs in 2023, largely underpinned by surging demand from the solar industry, especially from China, and increased demand related to artificial intelligence."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
06-26-24 1748ET
