Weekly Round-Up: Gold Price on Track for Biggest Weekly Gain Since May
The gold price rose on Friday as the US dollar fell against the euro.
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Copper Investing
The gold price rose on Friday as the US dollar fell against the euro.
The gold price edged lower on Friday after a stronger-than-expected US jobs report increased fears of another rate hike.
The gold price is on track for a weekly gain, supported by political uncertainty and a weaker dollar.
The gold price was set to touch a six-week high on Friday after a disappointing US jobs report.
Silver, copper and oil are also on track to make gains this week.
The gold price suffered as investors turned to riskier assets earlier in the week.
Worries over North Korea and the Middle East, as well as concerns about the UK’s call for a general election, are weighing on base metals.
The gold price reached a five-month peak after US President Donald Trump launched a missile strike on Syria.
A few weeks ago, China’s National Energy Administration made an announcement that may have caught the interest of copper investors. The regulator released nationwide industrial standards for the use of low-voltage aluminum alloy cables, meaning that China’s state power grid could use aluminum alloys instead of copper for some types
Gold closed the week with a gain of 0.4 percent over the previous day’s session. Meanwhile, silver climbed 0.1 percent, while copper and Brent crude saw small rises as well.
Reuters reported that London Metal Exchange copper rose on Wednesday, climbing 0.4 percent to reach $5,847 a tonne.
While gold and silver have been doing a little better as of late, copper prices have continued to take a beating — the metal dipped to $2.53 on Wednesday. That said, analysts are stressing that the red metal “is categorically not the new oil.”
The yellow metal was pressured by the US dollar, which rose on the country’s latest payroll report, but nevertheless performed well for the week as a whole. Meanwhile, silver and oil slipped Friday as copper rose.
Reuters reported that large copper smelters in China have lowered their export premiums for refined copper by 7.3 percent compared to 2014 rates. The cut follows the lowering of premiums by Chile’s Codelco.
Bloomberg reported that copper futures recorded the most gains in three weeks as the U.S. dollar declined, making industrial metals more appealing to investors.
Copper futures fell for a third straight day as a rising dollar cut into the demand for raw materials as alternative assets.
Bloomberg reported that copper prices rose 0.9 percent today, finishing at $3.223 per pound on the New York Comex, while on the London Metal Exchange, copper for delivery in three months gained 0.9 percent to reach $7,076 per metric ton. The metal gained 3.2 percent overall this week, as data
Despite posting overall declines for the week, both gold and silver saw upticks today. Copper, meanwhile, is “more muted.”
Reuters reported today that copper prices slipped slightly on news that Freeport-McMoRan Inc. (NYSE:FCX) had signed a deal with the Indonesian government. Prices were still supported by strong economic data from China, according to Reuters.
On the London Metal Exchange, copper for delivery in three months hit a four-month high early in Wednesday’s trading. The red metal rose to $7,098.75 per tonne, coming to rest at $7,078 per tonne later in the day, according to Reuters.
