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Sector movers: Precious metals mines pace gains, Tech also catches a bid

By Alexander Bueso

Date: Thursday 23 Mar 2023

Sector movers: Precious metals mines pace gains, Tech also catches a bid

(Sharecast News) - Precious metals miners paced gains on Thursday as futures on the underlying metals surged amid concern around the global banking sector and helped by recent softness in the Greenback.
By the end of trading, June gold on Comex had added 2.71% to $2,019/oz., alongside a 2.23% jump in the May silver contract to $23.30/oz..

Industrial metals also caught a bid, rising by 1.41% to $4.1015/lb..

Software and Computer Services rose alongside, benefitting from some of the same drivers, including forecasts for lower interest rates in 2024, if not before.

Overnight, rate-setters in the US hiked rates but their latest projections, which were published alongside the announcement, pointed to just one more 25 basis point interest rate hike, the same as in December.

It was a somewhat similar story in the UK, where Bank raised rates by 25bp as expected, but forecast a rapid decline in inflation.

Top performing sectors so far today

Leisure Goods 22,497.45 +2.73%

Precious Metals and Mining 10,709.40 +2.72%

Software & Computer Services 1,845.89 +1.16%

Gas, Water & Multiutilities 6,000.55 +0.99%

Investment Banking and Brokerage Services 12,446.45 +0.86%

Bottom performing sectors so far today

Tobacco 31,005.39 -4.86%

Banks 3,351.79 -2.43%

Industrial Transportation 3,636.94 -1.85%

Oil, Gas and Coal 8,122.01 -1.56%

Construction & Materials 8,208.33 -1.51%


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