The yellow metal recorded declines for the second consecutive session with the beginning of the European session’s trading session today, Tuesday, September 7 (September), affected by the rises of the US dollar since the beginning of the session, as gold lost about 0.28%, trading at levels of $ 1818 per ounce, to remain at the levels of 1800 dollars, despite its decline From its highest level in a month, at levels of 1826 dollars, which it recorded at the beginning of the week, while silver is trading down by about 0.40% at levels of 24.57 dollars per ounce.
With the absence of the American markets in the opening session of the week yesterday, Monday, on the occasion of Labor Day in the United States of America, and the absence of economic data affecting the movements of the markets yesterday and today, the trade balance in the second largest economy in the world recorded a surplus in dollars in August, amounting to 58.34 billion dollars, compared to 51.05 billion, and better than Expectations indicated that it would rise to 56.59 billion, as exports rose on an annual basis by 25.6% and imports rose by 33.1%.
On the other hand, a government report from India showed a rise in gold imports in August in India to double thanks to the strong demand for jewelry in the festive season.
On the other hand, aluminum is trading at its highest level since 2011 at levels of 2770 dollars per ton this morning, an increase of about 1.2%, taking advantage of the uncertainty in the second largest producer of bauxite, that is, the natural ore from which most of the aluminum mineral is made in the world, Guinea, which is experiencing conditions Difficult after the military leaders carried out a coup against the authority yesterday, Monday.
In light of this reversal, a quarter of the world’s supply of bauxite was at risk, after Ghana exported 82 million tons last year, and the instability in Guinea will affect the supply chain of aluminum, and consequently, the supply of the mineral will decline, offset by an increase in demand and the continued rise in prices of the metal.
Platinum is trading down by about 0.34% and trading at levels of $1.015, while palladium is losing about 0.39% when trading at levels of $2,400.
06/11/2024
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