The Conversation (0)
May. 16, 2014 11:45AM PST
Gold, silver and copper were fairly flat this week, but Brent crude saw some gains on the back of continued Ukraine tension.
The US economy is in a bright spot, and as a result gold hasn’t been able to make it above $1,300 per ounce today. Specifically, Reuters pegs spot prices at $1,295.06 per ounce and US gold futures for June delivery at $1,295.59.
“Gold is still stuck in a narrow range because the downside is limited by geopolitical concerns and the upside is capped by generally good U.S. data, which suggest the Fed will carry on with the current pace of stimulus tapering,” VTB Capital analyst Andrey Kryuchenkov told the news outlet.
Meanwhile, Reuters said that spot silver is down $0.09, or 0.5 percent, at $19.37 an ounce, while according to CME Group, silver futures for June delivery are down $0.17, at $19.29 per ounce. The white metal fared better earlier this week due to Ukraine tension.
On the London Metal Exchange, benchmark copper prices are flat at $6,878.25 a tonne, as per another Reuters article. Meanwhile, copper futures for July delivery on the COMEX are also down slightly at $3.14 per pound, The Wall Street Journal notes. Copper prices have been supported lately by low copper supply and the overall falling of stocks as factories buy their copper.
Finally, Brent crude oil prices increased this week due to the situation in Ukraine, rising today to $0.32 to $109.41 a barrel, as per Bloomberg. It is likely that uncertainty in Ukraine will continue through the elections about whether the country will divide, with parts seceding to Russia.