Weekly Round-Up: Gold Price Drops After Presidential Debate

Base Metals Investing
Copper Investing

After the presidential debate on Monday, gold prices dropped heavily over the five-day period.

Gold prices dropped this week following the presidential debate on Monday (September 26). The yellow metal entered the week at $1,339.40 but as of 12:19 p.m. EST on Friday, the gold price was $1,318.72 per ounce–a drop of 1.54 percent.
On Wednesday, the Wall Street Journal reported that the gold price fell to a one-week low as a result of a stronger US dollar and the possibility of the Federal Reserve increasing interest rates in December.
The Bullion Desk noted early Friday that the gold price had some help with a strong oil prices on Thursday, although it wasn’t very much.
On the other hand, silver prices dropped significantly after Monday’s debate before rising again late Wednesday and dropping again Thursday. However, the white metal rose sharply on Friday to $19.60 per ounce before sliding back down. As of 12:35 p.m. EST, the silver price was $19.29 per ounce–an overall loss of 1.09 percent.
Despite the dip, the Economic Calendar reported on Thursday that the US economic data did not have a significant impact on the silver price.

Looking over to the base metals sector, copper prices rose sharply this week, with its biggest increase coming on Friday.
Over the five-day period, copper rose 1.04 percent overall. As of 1:20 p.m. EST, the copper price was $2.20 per pound.
On Thursday, the Economic Calendar noted that the copper price continues to rally near highs.
Lastly, spot oil prices rose sharply late Tuesday to $47.16 per barrel but dropped slightly on Thursday. However, the oil price was back up on Friday. As of 1:30 p.m. EST, the oil price was $48.12–a 5.44 percent increase over the five-day period.
Reuters reported on Friday that the oil price is on pace for its largest weekly gains in over a month, supported by planned OPEC output cuts. The publication also noted that the market’s downside was limited to US stocks rising and a weaker US dollar.
Don’t forget to follow us @INN_Resource for real-time news updates.


Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article. 
Related reading: 
Weekly Round-Up: Gold Price Rallies Slightly after FOMC Policy Delay
Weekly Round-Up: Gold Price Rallies on US Jobs Data
Weekly Round-Up: Copper Falls to Lowest Level in Two Months
Weekly Round-Up: Gold and Silver Drop
Weekly Round-Up: Gold Weakens on US Jobs Data
Weekly Round-Up: Gold Drops 2 Percent on Strong US Jobs Data
Weekly Round-Up: Gold Prices Still Rising
Weekly Round-Up: Gold Dips on Stronger Dollar
Weekly Round-Up: Gold Price Takes a Dip
The Conversation (0)
×