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Materials Down As Cyclical Commodities Slip, Gold Hits All-Time High -- Materials Roundup

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07/28/2020 | 05:12pm EDT

Producers of metals and other raw materials fell as commodities associated with economic demand lost value while safe haven gold futures closed at a fresh record high.

Gold futures for August delivery rose $13.60, or 0.7%, to settle at $1,944.60 an ounce, the highest-ever finish, as hedging against the impact of the Covid-19 pandemic and weakening in the U.S. dollar spurred demand for the precious metal. Similarly, silver futures hit their highest level since 2013, before retreating.

The dollar has experienced one of its most drastic two-month moves against major currencies since 1973, losing 8% against the euro as "the trajectory of the economic recovery in Europe has outpaced the U.S.," said analysts at brokerage Goldman Sachs, in a note to clients.

 Write to Rob Curran at rob.curran@dowjones.com 

Stocks mentioned in the article
ChangeLast1st jan.
GOLD -0.76% 1942.58 Delayed Quote.26.65%
SILVER -3.15% 26.587 Delayed Quote.43.68%
THE GOLDMAN SACHS GROUP, INC. 0.30% 208.93 Delayed Quote.-7.74%
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