Gold, silver and copper drop again on a stronger US dollar and speculations on the Federal Reserve raising interest rates.
Gold prices gradually dropped throughout the week, with the bulk of it coming on Wednesday and Thursday before gradually climbing back up later Thursday and early Friday morning. However, the gold price dropped again Friday–a 1.26 percent loss for the week overall. As of 12:26 p.m. EST the yellow metal was trading at $1,321.83 per ounce
According to Investing.com, the slight increase early Friday was a result of a lower US dollar following a revision to US economic growth in the second quarter.
Silver prices also dropped over week, with the biggest hit coming Wednesday. The grey metal started the week off at $18.86 per ounce, but as of Friday at 12:43 p.m. EST, silver was trading at $18.60. Overall, the precious metal dropped 1.77 percent over a five-day period.
The Economic Calendar reported that Federal Reserve Chair Janet Yellen will be giving a speech on Friday (August 26). The publication wrote that the silver price–along with other markets–are waiting to see how they will be impacted following Yellen’s comments.
In the base metals sector, copper prices dropped significantly by the mid-way point of the week before rising back up late Thursday. The metal rose again on Friday, but dropped slightly back down to $2.09 as of 12:50 p.m. EST. Overall, copper was down 2.65 percent for the week. Market Realist wrote that copper prices fell to its lowest levels in two months over the week as a result of a surge in inventory and “disappointing data from China.”
The Economic Calendar wrote that while the copper price stablized later in the week, its pattern shows a long-term bearish outlook.
Lastly, spot oil prices kicked off the week at $46.81 but also dropped mid-week before gradually climbing again Thursday and Friday, where it reached as high as $48.16. However, the price dropped again to $47.39 as of 1:00 p.m. EST. Overall, the oil price gained 1.30 percent over the five-day period.
That being said, Global News reported that the oil price is on pace for its largest weekly decline in a month after the Saudi energy minister lowered expectations on the chance of the world’s largest producers limiting output next month.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
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