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Gold prices dropped again this week, signaling the yellow metal is on its way to its fifth weekly loss in a row.
Midway through the week, it appeared as though gold prices were on the way to a recovery, but by Thursday the yellow metal was trending downwards again.
On Friday, the Economic Calendar noted that an emerging US dollar was putting pressure on gold prices. The publication also noted the dollar has reached its highest level in 13 years. The dollar index, which measures the US currency, rose 0.5 percent to 101.55.
That being said, MarketWatch reported that the precious metal will likely record its fifth weekly loss in a row–the lowest result in 10 months–as the Federal Reserve meeting fast approaches.
As of 1:26 p.m. EST on Friday, the gold price was $1,160.40 per ounce–a 1.14 percent drop over the five-day period.
Looking over to the silver price, the white metal had a bit of an interesting week, skyrocketing to $17.18 per ounce on Wednesday. The precious metal dropped off after that, however, falling to $16.86 per ounce as of 1:38 p.m. EST on Friday.
According to the Economic Calendar, although the white metal plunged on Friday, it is still on pace for its first weekly gain predating the US election.
On the base metals side, the copper price nose-dived midway through the week, falling to $2.62 per pound on Wednesday. However, the red metal made a recovery late in the week, rising to $2.65 per pound as of 1:40 p.m. EST on Friday.
Although the copper price made a slight recovery over the week, Daily FX noted it failed to “make new highs.”
“While today’s upswing in price has brought the commodity back into positive territory for the week, the commodity is still considered to be technically consolidating on the daily chart,” the publication said.
Lastly, spot oil prices had another huge week, with a minor blip partway through before rallying in the latter half. On Friday, the Wall Street Journal reported that the price firmed in anticipation of a meeting behind held over the weekend between oil-producing countries to cut production.
As of 1:50 p.m. EST on Friday, oil prices were $51.46 per barrel–a 13.52 percent increase 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.
This article is updated each week. Please scroll to the top for the most recent information.
Weekly Round-Up: Oil Notches Biggest Weekly Gain Since 2009
This week, gold prices were on the downward trend again. As November came to a close mid-week, the yellow metal officially recorded its worst monthly loss since June 2013, MarketWatch reported.
By Friday, the gold price appeared to be making a slight recovery supported by a correction in the US dollar, which had reached a 13-year high the week before.
Although the yellow metal was making gains early Friday, it still netted a 1.21 percent loss over the five-day period. As of 1:03 p.m. EST on Friday, the gold price was $1,175.29 per ounce.
Looking over to its sister metal, the silver price had a bit of a rollercoaster week, and the Economic Calendar noted the white meal was “on the defensive” before the US open.
That being said, while the silver price was a low $16.34 per ounce early Friday, it rose sharply to $16.75 per ounce as of 1:18 p.m. EST, rising 1.15 percent over the five-day period.
On the base metals sector, the copper price rose sharply early in the week from $2.57 per pound to $2.64 per pound. As the week went on, the copper price tapered off slightly to $2.62 per pound as of 1:30 p.m. EST on Friday.
Midweek, and as November came to a close, Bloomberg noted that copper’s gains over the month resulted in its strongest month in over a decade. The publication reported that the price increase was in part a result of traders in China.
Lastly, spot oil prices made huge gains over the week. Oil soared 9.53 percent over the five-day period, pushing over the $50 mark to $51.37 per barrel as of 1:40 p.m. EST on Friday.
CNBC reported that the oil price stabilized on OPEC’s decision to ax crude output, noting the price soared to its biggest weekly gain since 2009. The publication also said crude prices were under pressure as data indicated oil output in Russia was on the rise during the month of November.
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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