After the presidential debate on Monday, gold prices dropped heavily over the five-day period.
Gold prices dropped this week following the presidential debate on Monday (September 26). The yellow metal entered the week at $1,339.40 but as of 12:19 p.m. EST on Friday, the gold price was $1,318.72 per ounce–a drop of 1.54 percent.
On Wednesday, the Wall Street Journal reported that the gold price fell to a one-week low as a result of a stronger US dollar and the possibility of the Federal Reserve increasing interest rates in December.
The Bullion Desk noted early Friday that the gold price had some help with a strong oil prices on Thursday, although it wasn’t very much.
On the other hand, silver prices dropped significantly after Monday’s debate before rising again late Wednesday and dropping again Thursday. However, the white metal rose sharply on Friday to $19.60 per ounce before sliding back down. As of 12:35 p.m. EST, the silver price was $19.29 per ounce–an overall loss of 1.09 percent.
Despite the dip, the Economic Calendar reported on Thursday that the US economic data did not have a significant impact on the silver price.
Looking over to the base metals sector, copper prices rose sharply this week, with its biggest increase coming on Friday.
Over the five-day period, copper rose 1.04 percent overall. As of 1:20 p.m. EST, the copper price was $2.20 per pound.
On Thursday, the Economic Calendar noted that the copper price continues to rally near highs.
Lastly, spot oil prices rose sharply late Tuesday to $47.16 per barrel but dropped slightly on Thursday. However, the oil price was back up on Friday. As of 1:30 p.m. EST, the oil price was $48.12–a 5.44 percent increase over the five-day period.
Reuters reported on Friday that the oil price is on pace for its largest weekly gains in over a month, supported by planned OPEC output cuts. The publication also noted that the market’s downside was limited to US stocks rising and a weaker US dollar.
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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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