July 19th news,$Nonferrous Metal (LIST1312.HK)$fell during morning trading, as of press time,$LINGBAO GOLD (03330.HK)$down 8.58% at HKD 3.41;$ZHAOJIN MINING (01818.HK)$down 7.49% at HKD 14.82;$SD GOLD (01787.HK)$down 5.32% at HKD 17.08;$ZIJIN MINING (02899.HK)$down 4.25% at HKD 16.24.
On the news front, the President of the European Central Bank announced the interest rate decision and declared the rate will remain unchanged and refused to commit to any future rate path. In addition, Daly, the President of the Federal Reserve Bank of San Francisco, called for patience regarding interest rate cuts on Thursday. Daly stated that even though recent inflation indicators are moving in the right direction, the Fed has yet to achieve price stability and will continue to rely on data when deciding whether to cut interest rates.
Affected by the news, spot gold continued to fall, dropping below $2430/ounce, down 0.7% intraday. Spot silver fell 1% intraday, now trading at $29.51/ounce. In addition, institutions believe that overseas interest rate cut expectations are overly optimistic, but oversupply and weak demand in the fundamentals continue to suppress the upward space of copper prices, and it is expected that copper prices will fluctuate at a low level.
