Base Metals

Weekly Round-Up: Gold Price Rallies Slightly after FOMC Policy Delay

Base Metals
Copper Investing

Gold, silver, copper and oil prices rally slightly this week.

Gold prices rallied this week, rising slightly after the FOMC rate decision. Over the five-day period, the yellow metal increased 0.11 percent overall to sit at $1,338.10 per ounce as of 12:00 p.m. EST.
Although the FOMC’s policy announcement to raise interest rates from near zero – where it had been for seven years – was delayed, the U.S. central bank signalled that it could tighten monetary policy before the end of the year if the job market continued to improve.

Silver prices followed gold this week, rising sharply and then petering off. The white metal rose a total of 1.77 percent over the five-day period, and as of 12:51 p.m. EST, the silver price was $19.68 per ounce.
Much like gold, the silver price was impacted by the Federal Reserve policy decision.

Looking over to the base metals sector, copper prices made strong gains over the week, with a sharp increase on Wednesday rising from $2.14 per pound to $2.18 on Thursday.
Over the five-day period, the copper price rose 2.06 percent overall and was $2.19 per pound as of 1:30 p.m. EST.
The Economic Calendar reported on Thursday that the increase occurred despite copper being overbought the previous week, which signalled strength for the red metal. The move also occurred amid strong volume, a good sign that copper will rise further next week.
Lastly, spot oil prices took a rollercoaster ride this week, rising during the beginning and dropping on Thursday and Friday. Over the five-day period, the price still went up a total of 3.08 percent to $44.52 as of 1:40 p.m. EST.
According to the Wall Street Journal, oil prices sank Friday due to continued doubt that the world’s largest exporters are about to start cooperating and ease a supply glut that has dragged down oil prices for two years.
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Securities Disclosure: I, Sarah Jamieson, hold no direct investment interest in any company mentioned in this article. 
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