Weekly Round-Up: Gold Weakens on US Jobs Data
Gold, silver and copper drop slightly as markets await US economic reports and Chinese economic data.
Gold prices climbed slightly for the week 0.30 percent, rising sharply Friday morning to $1,352.50 after a significant drop on Thursday. As of 12:41 p.m. EST, gold was down again 0.88 percent, trading at $1,340.33 per ounce.
According to Investing.com, the gold price dropping comes as markets turn their attention to the release of the US economic reports, which are scheduled to be announced later on Friday.
Silver prices also dropped slightly for the week, 0.06 percent overall despite briefly hitting $20.36 on Wednesday. As of 1:00 p.m. EST on Friday, the white metal was trading at $19.72.
Despite the loss, the Economic Calendar reports silver prices are “still on pace for weekly gains after weak Chinese economic data raised expectations for additional stimulus by the People’s Bank later this week.”
Looking over to base metals side of things, copper prices also dropped slightly for the week, losing 1.14 percent to trade at $2.15 per pound as of 1:10 p.m. EST. As per Market Realist, the red metal has stayed relatively stable as the market awaits China’s economic data.
“Considering the fact that China accounts for almost half of global copper demand, the economic releases of China will have its impact on the price and demand trends for copper,” the publication reported.
Lastly, spot oil prices were up 2.68 percent for the week despite a slow start and rising sharply on Thursday. As of 1:2o p.m. EST on Friday, oil was trading at $44.29 per barrel.
According to the Financial Times oil’s gains over the last five days are the biggest since April as further speculation indicates the Federal Reserve “will be slow to raise interest rates.”
“The rebound in oil is leading the way, pushing other commodities up in tandem, and that is positive for commodity currencies,”Neil Jones, head of hedge-fund sales at Mizuho Bank Ltd. told the Times. “Demand for these currencies is likely to remain firm given central banks continue to push on the stimulus button.
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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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