The metals market is under pressure right now. Most major metals are falling. Prices are slipping across gold, silver, and copper. Short term losses are clearly visible. But some metals still hold strong yearly gains.
Gold and silver prices fall sharply
Gold is now at 4612.05 USD per troy ounce. It dropped 4.31 percent in a single day. Weekly losses stand at 8.76 percent. Monthly decline is 9.30 percent. But on a yearly basis, gold is still up 7.27 percent. Year on year growth is strong at 52.12 percent.
Silver is seeing deeper cuts. It is priced at 69.692 USD per troy ounce. It fell 7.49 percent in a day. Weekly losses are 16.53 percent. Monthly drop is 17.27 percent. It is also down 1.82 percent this year. But year on year growth remains massive at 108.61 percent.
Platinum is also under pressure. It dropped 6.92 percent in a day. Monthly decline is 11.57 percent. Year to date performance is negative at 7.04 percent. But year on year gain is still high at 94.48 percent.
Copper and steel prices show mixed trends
Copper is trading at 5.4055 USD per pound. It fell 2.67 percent in a day. Weekly and monthly losses are both above 7 percent. Year to date decline stands at 5.07 percent. But it still holds a yearly gain of 6.10 percent.
Steel prices in China are slightly down. It is now at 3117.00 CNY per ton. Daily loss is 0.64 percent. But monthly growth is positive at 2.77 percent. Year to date growth is 0.68 percent.
HRC steel is performing better. It is priced at 1056.09 USD per ton. Monthly gain is 6.99 percent. Year to date growth is 12.94 percent. Yearly increase stands at 14.17 percent.
Lithium and iron ore hold gains despite pressure
Lithium is trading at 152500 CNY per ton. It dropped 1.93 percent in a day. Weekly loss is 3.48 percent. But year to date growth is strong at 28.69 percent. Yearly gain is massive at 104.84 percent.
Iron ore prices are stable. In China, it is at 807.50 CNY per ton. Monthly growth is 9.05 percent. Year to date gain is 2.28 percent. Global iron ore is priced at 105.54 USD per ton with slight daily losses.
Scrap steel is showing steady growth. It gained 7.52 percent this year. Monthly growth is 5.36 percent. Titanium remains stable with minimal movement.
Silicon is one of the weakest performers. It is down 5.93 percent this year. Yearly decline is 16.11 percent.
Overall, the metals market is facing a short term correction. Gold and silver are leading the decline. Industrial metals are mixed. But strong yearly gains in many metals show that the long term trend is still holding.