
Gold price rises on US economic data and the upcoming festivals in India.
Gold prices were on the rise for the second week in a row, this time on weak US economic data and demand from India.
The Wall Street Journal reported on Thursday that the data wasn’t as strong as expected and that demand for the yellow metal has gone up as the Diwali and Dhanterasm festivals in India approach.
As of 1:23Â p.m. EST on Friday, the gold price was $1,274.53Â an ounce.
According to Reuters, there’s an 80 percent chance the Federal Reserves will raise interest rates by December, noting that the markets may have already been impacted by the possibility of an increase. What that means is a rate increase may not necessarily weigh on the gold price as much as one may think.
Looking over to the silver prices, the white metal was also on the rise over the five-day period. Like gold, the increase in the silver price came from the festival season in India.
As of 1:26 p.m. EST on Friday, the white metal was $17.79 per ounce, putting it on track for its third weekly consecutive gain.
The Economic Calendar noted that gold and silver prices are on their way to recovery from a low month, while expectations of interest rates increasing have boosted the US dollar.
On the base metals sector, copper prices were also on the rise. FastMarkets noted its price rose for the fifth session in a row on US data results and as investors prepare for the conference in London next week.
As of 1:11 p.m. EST, the copper price was $2.19 per pound.
Lastly, spot oil prices dropped this week on expectations of an upcoming oil crash. The loss put the oil prices on pace for its biggest loss in six weeks as concerns over OPEC’s output cut and US rig count increasing over the lat few months.
As of Friday at 1:51 p.m. EST, oil prices were $49.15 per barrel.
Don’t forget to follow us @INN_Resource for real-time news updates.
Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.Â
Related reading:Â
Weekly Round-Up: Foreign Demand Bumps Up Gold Prices
Weekly Round-Up: Gold Price Inches Higher as US Dollar Drops
Weekly Round-Up: Gold Price Drops on Chinese Holiday
Weekly Round-Up: Gold Price Drops After Presidential Debate
Weekly Round-Up: Gold Price Rallies Slightly after FOMC Policy Delay
Weekly Round-Up: Gold Price Rallies on US Jobs Data
Weekly Round-Up: Copper Falls to Lowest Level in Two Months
Weekly Round-Up: Gold and Silver Drop
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1981.41 | +3.02 | |
Silver | 23.90 | +0.03 | |
Copper | 4.09 | 0.00 | |
Palladium | 1713.17 | 0.00 | |
Platinum | 1087.26 | 0.00 | |
Oil | 74.28 | -0.09 | |
Heating Oil | 2.57 | +0.01 | |
Natural Gas | 2.10 | 0.00 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured Base Metals Stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.Â