Gold Market takes profit with price correction, Nickel prices decline as well

The big movers of the market have been the precious metals and nickel as both are correcting lower as profit-taking and, or short-selling. Donald Trump, the President of the United States, has to address the Economic Club of New York at 5 pm London Time.

The entire investment and trading world is glued to their televisions and laptops as they wait for Donald Trump’s speech and get information about the China-United States trade situation. The markets have started reviewing and adjusting their positions in the market.

The big movers of the market have been the precious metals and nickel as both are correcting lower as profit-taking and, or short-selling. Donald Trump, the President of the United States, has to address the Economic Club of New York at 5 pm London Time. The effect of this speech on the market will depend on the thoughts he has for the various topics.

Base Metals and their prices

The base metal prices on the London Metal Exchange been correcting upwards except nickel, which declined by 0.3% at $15,530 per tonne. The complex was up by an average of 0.3%, whereas gains in copper and lead increased by 0.4%. In China, most-traded base metals on the Shanghai Futures Exchange were mixed. Nickel in February went down by 2.7%, whereas aluminum in December and tin in January were weaker by 0.8% and 0.7%, respectively. Lead and Zinc were up by 0.5% and 0.8%, respectively.

Precious Metals: Apmex Gold Price

Spot gold and silver saw a decline of 0.4% and 0.3%, respectively, while gold quoted at $1,455.80 per oz according to Apmex Gold Prices and charts. Silver witnessed a price of $16.79 per oz. Platinum and palladium, on the other hand, have increased by 0.7% and 0.2%, respectively.

After-effects of Trump Speech Today

Donald Trump is expected to address the Economic Club of New York, and it is a well-known fact by the market that a single tweet from Trump is enough to change the way market trades are taking place. A speech can have a bigger impact on the market as he might mention the U.S.-China trade war. Any positive signs will help the prices and the market to increase, whereas a negative speech will lead to a set-back in the market.

14k Gold Price and 24k Gold Price for today

Currently, 14k gold is available at $848.90 per oz in the market. 24k gold is available at $1455.80 per oz. 14k gold is widely preferred as compared to 24k gold since its more durable and available at a lower price as compared to 24k pure gold.

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

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