Positive news from the US weighed heavily on gold this week. Meanwhile, copper rose on increased home sales.
The minutes from Wednesday’s Federal Reserve meeting suggest the US economy is strengthening, although perceptions could change during the August 22 meeting at Jackson Hole.
Spot gold is up $1.28, at $1,278.35 an ounce. It is down nearly 2 percent for the week, its biggest drop since mid-July. US gold futures for September delivery are up $3.83, at $1,278.90 an ounce.
Meanwhile, spot silver is down $0.04, at $19.41 an ounce. The precious metal reached a two-month low in the previous session. Silver futures for September delivery are up $0.03, at $19.45 an ounce, according to CME Group.
Benchmark copper prices are up $7.02, at $7,015 a tonne on the London Metal Exchange, according to Bloomberg.
Home sales are rising in China, and many are predicting that demand for copper will increase as well. Home sales have also grown in the US, fueling copper demand.
“We have seen the copper market improve based on recent housing numbers,” Phil Streible, a senior commodities strategist at RJO Futures in Chicago, told Bloomberg. “You’re going to see demand for copper going up.”
Finally, Brent crude oil prices are down $0.23, at $102.40 per barrel, according to The Wall Street Journal. Geopolitical tension in the Middle East and Ukraine is easing, and global supplies are increasing.