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Weekly Round-Up: Gold Price Rallies on US Jobs Data
Gold and silver prices rise this week upon the release of the US jobs data.
continued dropping throughout the week, but was on the upward swing on Thursday with a sharp rise early Friday. Despite the gains, the yellow metal still dropped 0.34 percent over the five-day period. As of 12:15 p.m EST, the gold price was $1,319.13
According to DailyFX , the gold price rising was in part due to an ISM Manufacturing survey going against Fed rate hike bets and pushing the US dollar down, and the release of the US jobs data .
Silver prices also rose significantly over the week, with the biggest spike coming on Friday. After hovering under the $19 mark in recent weeks, the increase comes as shareholders await the release of the US jobs data on Friday.
Over the five-day period, the grey metal gained 2.44 percent. As of 12:30 p.m. EST, the silver price was $19.21.
In the base metals sector, copper prices also had a significant boost later in the week although after it dropped to a multi-week low on Tuesday. By Friday, the price dropped back down to $2.09 as of 12:40 p.m. EST. Overall, the copper price rose 0.11 percent over the five-day period.
The Economic Calendar reported that the US dollar has “kept pressure on copper,” and that it has “yet to respond to a deeply oversold condition.”
Lastly, spot oil prices dropped slightly during the first half of the week from $46.50 per barrel before heavily losing steam on Thursday and early Friday. While the oil price decreased 5.35 percent over the week, it started picking back up again Friday. As of 1:30 p.m. EST, the oil price was $44.44.
The oil price leveling in part came from Russian president, Vladimir Putin, putting a call out for production cap, according to The Week. The publication reported that Putin has asked producers to agree to limit output at the International Energy Forum later in September.
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.
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