Upward trend in raw material prices temporarily stopped – Stabilitas column

The precious metals sector developed somewhat weaker in September. The price of gold fell by -4.2 percent compared to the previous month and ended September at $ 1,885.95 per troy ounce. The price of silver has also recently dropped by -19.3 percent and was only 23.24 US dollars per troy ounce at the end of the month. “After the gold price has stabilized at a lower level, there are good prospects for a renewed upward trend, because the uncertain market environment still speaks for a strong demand for precious metals,” says Martin Siegel, precious metals expert and managing director of Stabilitas GmbH.

The price of platinum fell by -4.5 percent in September compared to the previous month and stood at 892.50 US dollars per troy ounce at the end of the month. Palladium, on the other hand, rose 2.5 percent from the previous month and ended the month at $ 2,307.50 an ounce.

The shares of the mining companies developed a little more easily in September and “are in a phase of consolidation after the profits of the previous months,” says Siegel.

Base metals and oil are trading weaker

Among base metals, prices for lead (-7.3 percent, $ 1,801) and copper (-1.75 percent, $ 6,610) in particular fell in September compared to the previous month. But aluminum (-2.0 percent, US $ 1,766), zinc (-4.6 percent, US $ 2,413) and nickel (-6.7 percent, US $ 14,385) continued to fall in price last month . “The uptrend we saw in base metals over the past few months is coming to an end. Negative reports from the labor market weigh on investor sentiment with an impact on base metals, ”explains Siegel.

The price of Brent oil has also fallen. Oil prices fell -11.2 percent in September, ending the month at $ 40.22 a barrel. “As with base metals, the surprisingly long upward trend in the oil price is now coming to an end,” says Siegel in conclusion.

Disclaimer: This text is a column by Stabilitas. 4investors is not responsible for the content of the column and therefore does not necessarily have to agree with the opinion of the 4investors editorial team. Any liability and claims are therefore expressly excluded by 4investors!

At a glance – chart and news: Troy ounce of gold


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