Gold, silver and copper drop again on a stronger US dollar and speculations on the Federal Reserve raising interest rates.
Gold prices had a bit of an up and down week, but climbed slightly over a five-day period by 0.37 percent, dropping on Thursday before rising back up Friday morning. As of 12:19 p.m. EST the yellow metal was trading at $1,342.90 per ounce after a significant drop on Thursday.
According to Investing.com, the gold price is still close to a two-week high, despite the drop, with the minutes of the Federal Reserve’s policy meeting still weighing on the US dollar.
Silver prices also dropped over the five-day period, ,1.83 percent overall with a significant drop early Friday before gradually rising back up0 again. As of 12:37 p.m. EST on Friday, the white metal was trading at $19.27.
The Economic Calendar reported silver prices are on track for the third consecutive week of loss as speculations on whether or not the Federal Reserve will raise interest rates in 2016 continues.
In the base metals sector, copper prices dropped early in the week before rising back up late Wednesday and Thursday. The metal dropped again on Friday, but rose back up to $2.17 as at 1:30 p.m. EST. Overall, copper was up 1.11 percent for the five day period. Market Realist wrote that copper prices continue to be under pressure due to weak demand and the US dollar strengthening.
Platts also reported that the short-term outlook for copper remains bleak. The publication quoted Chilean miner Antofagasta saying the market for the red metal “is expected to continue to be volatile as national stimulus programs, macro-economic events and movements in the dollar continue to dominate the financial markets and affect the price of copper.”
Lastly, spot oil prices rose sharply for the week despite a slow start, increasing significantly on Thursday before cooling down a bit on Friday . As of 1:2o p.m. EST on Friday, oil was trading at $48.23 per barrel, which is a 5.51 increase over the five day period.
Market Watch reported on Friday that oil prices are surging into a bull market with the prospect of a freeze by producers. Oil prices have gained 20 percent since the beginning of August, leading the way towards a bull market, the publication reported.
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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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