Weekly Round-Up: Gold Reaches Highest Level Since November

After hitting a two-week low last week, the gold price rose to its highest level since November this week. 
On Thursday (February 2), MarketWatch noted that the gold price was edging higher in part due to a weaker US dollar and a loss of interest in risky assets.
Lukman Otunuga, a research analyst at FXTM, said in a note that a “vulnerable” dollar, together with uncertainties surrounding Trump, have been favorable for gold.
“This yellow metal seems to be back in fashion in the short term with further inclines expected as investors scatter from riskier assets to safety,” he wrote.
By 1:23 p.m. EST on Friday, the gold price was at $1,218.45 per ounce, up a 1.8 percent over five days.
Meanwhile, the silver price neared a 10-week high on Wednesday (February 1) after the Federal Reserve announced that interest rates will remain unchanged.
Silver is on pace for more gains this week. As of 1:25 p.m. EST on Friday, the silver price was at $17.45 per ounce after gaining 1.8 percent over the previous five days.
On the base metals side, the copper price fell this week as China’s central bank made efforts to tighten monetary policy, said MarketWatch. The People’s Bank of China (PBOC) also raised the interest rates it charges commercial banks by a margin of 0.1 percent.
Brokerage firm Marex Spectron wrote in a note that “the trigger was the PBOC tightening its monetary policy in an attempt to cool inflation and this saw a wave of aggressive selling across the commodities sector.”
As of 1:40 p.m. EST on Friday, the copper price was at $2.64 per pound.
Finally, spot oil prices were on the rise this week, climbing higher after the US announced sanctions on Iran. Signs that oil producers may cut output also buoyed prices.
According to CNBC, President Trump said that “nothing is off the table” in dealing with Iran. After the country carried out a ballistic missile test, his administration barred 13 people and 12 entities from accessing the US financial system and dealing with US companies.
Oil prices were at $53.79 per barrel as of 1:50 p.m. EST Friday.
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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.

By Priscila Barrera, Jan. 27, 2017
Weekly Round-Up: Gold Hits Two-Week Low
Gold buying from China stopped ahead of its week-long holiday to celebrate the Lunar New Year, and as a result gold futures were on track for the longest streak of losses since November.
“A combination of things including a strong dollar, thin volumes ahead of the Chinese (or Lunar) New Year and weak longs is putting pressure on the market,” said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
Despite touching a two-month high on Monday, it’s been another tough week for the gold price, that reached a two-week low on Thursday supported by a strong dollar and a weak physical demand.
The metal is on track for a fourth straight loss, which would be the longest slump since October. However, in the first week of President Trump, expectations of a boost to growth have recently had a diminishing impact on the dollar. What’s more the Dow Jones Industrial Average climbed above 20,000 for the first time on Wednesday.
As of 11:54 a.m. EST on Friday, the gold price was $1,188.99 per ounce.
Looking over to the silver price, the white metal declined on Friday and was headed for their first weekly loss in five, as stronger risk appetite and profit-taking continued to weigh on precious metals.The Economic Calendar reported that the silver price was on track to lose nearly 2 percent.
As of 11:54 a.m. EST on Friday, the white metal was $17.11 per ounce.
Platinum fell 0.5 percent to $970.60. Palladium fell 0.3 percent to $718.83, after hitting its lowest since January 4 at $711.15 on Thursday.
On the base metals side, LME prices were up an average of 0.3 percent led by a 1 percent gain in nickel prices to $9,440 per tonne. Copper is the metal bucking the trend with a 0.2 percent decline in prices to $5,837 per tonne.
Lastly, spot oil prices dropped from a three-week high amid doubts that OPEC and other producers will make promised output cuts while drilling climbs in the U.S. Futures fell as much as 2.2 percent in New York after failing to extend Thursday’s 2 percent rally, bloomberg reported.
West Texas Intermediate for March delivery fell $1.07, or 2 percent, to $52.71 a barrel at 11:56 am EST on the New York Mercantile Exchange.
Don’t forget to follow us @INN_Resource for real-time news updates.
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article. 
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