Weekly Round-Up: Gold Price Drops on Strong US Dollar

Gold prices rose early during the week but dropped significantly after Wednesday. The yellow metal’s most significant drop came on Thursday, however the drop carried over to Friday as well. As of 12:06 p.m. EST, the gold price was $1,332.70–a decrease of 0.58 percent over the four-day week.
The Wall Street Journal reported on Thursday that the price dropping comes as a result of the US dollar strengthening and the European Central Bank leaving interest rates unchanged.
In other gold news, a man in Modesto reportedly discovered an 18 ounce gold nugget. If he were to sell it, he could allegedly get up to $60,000-$70,000 for the nugget.
Silver prices also dropped throughout the week, rising briefly on Wednesday before falling Thursday and Friday. The Economic Calendar noted that that although the white metal surged above $20 per ounce on Tuesday, the price fell as the dollar gained after a strong job-openings reading.
Over the four-day week, the silver price fell 2.49 percent. As of 12:28 p.m. EST,  silver was $19.28 per ounce.

In the base metals sector, copper prices made strong gains all the way throughout the week before dropping on Friday.  Despite the decrease early Friday, copper did see a slight increase overall throughout the week. As of 12:30 p.m. EST, the copper price was $2.10–a jump of 0.38 percent over the four-day period.
The Economic Calendar reported on Thursday that the price pattern on copper’s weekly chart suggests “a bearish longer term outlook” is in the cards.
Lastly, spot oil prices rallied significantly on Thursday–reaching as high as $47.58 per barrel–but saw a slight drop on Friday. Overall, the price rose 3.03 percent over the four-day period. As of 12:40 p.m. EST, the oil price was $46.24 per barrel.
The Wall Street Journal also reported that the oil price increasing was its largest daily gain since April. The increase came in part to a decline in US inventories of crude oil and fuel.
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