Copper Prices at the Peak of 7 Years as Gold Falls

Copper Prices at the Peak of 7 Years as Gold Falls Copper prices are at the peak of 7 years as Gold falls. With signs of economic recovery, gold prices declined, while copper reached its highest level in seven years. As the news about the vaccine developed for the treatment of coronavirus gave positive signals of a global recovery, gold prices decreased, while industrial metals rose with this optimism. Gold bullion fell below $ 1,800 per ounce, while copper broke a record 7 years later with signs of economic recovery. With the optimistic atmosphere, demand for risky assets increased in November and global stock markets are heading towards a record month. Making a statement at the weekend, two senior health officials of the USA noted that the vaccine will be distributed throughout the country before the end of the year. In China, while the manufacturing industry index of three years was announced at the summit, practices came into force in the country to support local consumption. ANZ (Australia & New Zealand Banking Group) said, "The growth in global markets will continue to suppress gold prices." Spot gold fell 1.01 percent to $ 1769.94 an ounce at 08:02 CET. Copper, on the other hand, gained 2.3 percent in the London Metal Exchange and rose to the level of $ 7,672 per ton, while aluminum and chain also rose. Iron mine futures, on the other hand, increased by 1.4 percent in Singapore.