Weekly Round-Up: Gold Steadies after Five-day Losing Streak

Weekly Round-Up: Gold Steadies after Five-day Losing StreakIt wasn’t a great week for gold, which stabilized today just above a two-month low. The yellow metal’s five-day losing streak came about from strong US economic data and reduced demand from top consumers China and India.

The minutes from Wednesday’s Federal Reserve meeting suggest the US economy is strengthening, although perceptions could change during the August 22 meeting at Jackson Hole.

Spot gold is up $1.28, at $1,278.35 an ounce. It is down nearly 2 percent for the week, its biggest drop since mid-July. US gold futures for September delivery are up $3.83, at $1,278.90 an ounce.

Meanwhile, spot silver is down $0.04, at $19.41 an ounce. The precious metal reached a two-month low in the previous session. Silver futures for September delivery are up $0.03, at $19.45 an ounce, according to CME Group.

Copper futures for September delivery on the COMEX are up, having risen $0.03, to $3.20 a pound, CME Group said.

Benchmark copper prices are up $7.02, at $7,015 a tonne on the London Metal Exchange, according to Bloomberg.

Home sales are rising in China, and many are predicting that demand for copper will increase as well. Home sales have also grown in the US, fueling copper demand.

“We have seen the copper market improve based on recent housing numbers,” Phil Streible, a senior commodities strategist at RJO Futures in Chicago, told Bloomberg. “You’re going to see demand for copper going up.”

Finally, Brent crude oil prices are down $0.23, at $102.40 per barrel, according to The Wall Street Journal. Geopolitical tension in the Middle East and Ukraine is easing, and global supplies are increasing.

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Copper - Mine Development
Copper - Prospecting and Exploration
Copper - Resource Definition/Pre Feasibility
Copper - Resource Expansion/Feasibility Study/PEA
Copper- Production/Mining
Critical Metals
Gold Mine Development
Gold Production/Mining
Gold Project Generators
Gold Prospecting and Exploration
Gold Resource Definition/Pre Feasibility
Gold Resource Expansion/Feasibility Study/PEA
Graphite Production/Mining
Graphite Prospecting and Exploration
Graphite Resource Definition/Pre Feasibility
Graphite Resource Expansion/Feasibility Study/PEA
Rare Earth
Silver $0-15m
Silver $15-50m
Silver $250m+
Silver $50-250m

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