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Weekly Round-Up: Gold Price Falls to 9-Month Lows
The gold price dropped to a near nine-month low this week, but the copper price reached its highest level since June 2015.
It’s been another tough week for the gold prices as it dropped to its lowest levels in almost nine months this week.
Strong US goods data and a surging US dollar have put pressure on the gold prices, even though the yellow metal has been losing steam since the US presidential election on November 8. Reuters reported on Thursday (November 24), that the US dollar was closing on a near 14-year high and further speculations on the Federal Reserve raising interest rates next month.
As of 1:10 p.m. EST on Friday, the gold price was $1,182.13 per ounce, a 2.46 percent slide over the five-day period.
On the silver prices side, the white metal has also dropped off over the five-day period, falling to $16.23 per ounce on Wednesday, and even lower late Thursday to $16.15 per ounce. By Friday, however, it appeared to be on the upswing.
By 1:14 p.m. EST, the silver price was $16.47 per ounce, although the white metal still lost 0.48 percent over the week.
Market Watch wrote on Friday that the silver price is heading towards a bear market with the US dollar still holding strong. In a note, Ole Hansen, head of commodity strategy at Saxo Bank, said both silver and gold prices “remain troubled” by the US dollar and bond yields.
That being said, in the base metals sector, the copper price reached a 16-month high this week, soaring all the way to $2.62 per pound on Wednesday.
The price surge continued on Friday, reaching $2.64 per pound as of 1:20 p.m. EST. The Wall Street Journal reported that the price has seen an increase due to strong economic data and import data infrastructure plans from China and the US, which could potentially boost demand for the metal.
Lastly, spot oil prices were steady over most of the week until Friday when it was announced that OPEC will meet next week to discuss a cut on crude production. By 1:20 p.m. EST Friday, the oil price was $46.50 per barrel–a loss of 2.08 percent over the five-day period.
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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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