Posted 10/16/2023, 11:00:00 AM
Base Metals Rise While Gold Retreats As Middle East Tensions Ease
- Base metals like copper and aluminum rising while gold prices settle as markets watch Middle East
- Copper up 0.8% to $8,001/ton, aluminum up 0.3% to $2,195.50/ton, gold down 1% to $1,922/ounce
- Gold surged 3.1% Friday on worries Israel would invade Gaza
- Falling U.S. Treasury yields supported gold, Middle East uncertainty boosted safe-haven demand
- But ETF gold demand still down, holdings 397,000 ounces lower last week to 86.7 million ounces
