Materials up with Gold Futures - Materials Roundup
Dow Jones
Aug 22
Producers of metals, grains and other raw materials rose alongside gold futures.
Gold rose 5.6% for the week to $4624.10 a troy ounce, the highest close since May. Traders are betting that the Treasury Department's efforts to tame bond yields will further weaken the U.S. dollar.
Shares of Freeport McMoRan rallied, rising by more than 7% to an all-time high as traders rotated into stocks that would benefit from a looser Federal Reserve policy and an unfettered artificial-intelligence boom. Copper wire is a major strand of AI infrastructure.
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