Materials Shares Slip; Gold's Rally Pauses -- Materials Roundup
Shares of mining companies and other commodities processors slipped.
Gold's rally paused after the metal hit fresh 2017 highs on Tuesday on the back of increased macroeconomic and political risk. While gold didn't reach $1,300 a troy ounce on Tuesday, Marex Spectron's David Govett said it is only a matter of time before the metal breaks through the resistance around the technically important level. "There is no denying, gold has its buy boots on," he said.
United States Steel shares rose after J.P. Morgan said its recent selloff has created a buying opportunity. "Management is preparing X's facilities to exploit better supply and demand fundamentals in the U.S. as the Trump Administration should reduce import supplies in the near term and increase infrastructure demand longer term," a J.P. Morgan report said.
Amy Pessetto, email@example.com
(END) Dow Jones Newswires
June 07, 2017 18:13 ET (22:13 GMT)