Weekly Round-Up: Uncertainty over Trump Inauguration

Goldprices started the week off strong, edging to $1,215.40 per ounce on Wednesday (Jan. 18), but dropped to $1,196 per ounce on Thursday prior to the inauguration of Donald Trump.
Thursday’s dip was the gold price’s  largest one-day loss of the year so far. That said, MarketWatch reported that gold “was clobbered” as the dollar rose on a combination of interest rates from the European Central bank and comments made by Federal Reserve chief Janet Yellen.
In Yellen’s speech, the Economic Calendar noted that she is still in favor of increasing interest rates, warning that there are dangers in delaying the increase for too long.
As such, the gold price was $1,206.28 as of 12:43 p.m. EST on Friday following Trump’s inauguration–an overall 0.46 percent increase over the five-day period.
Looking over to gold’s sister metal, silver, the white metal had a bit of a rollercoaster week. The silver price edged as high as $17.27 per ounce on Wednesday, but tapered off in the latter half of the week.
On Friday, the Economic Calendar wrote that although the white metal had dropped off late in the week, it was still on pace for its fourth consecutive weekly gain. As of 12:48 p.m. EST, the silver price was $16.96 per ounce–a 0.71 percent increase over the five-day period.

On the base metals side, the copper price was on the decline over the five-day period, dropping to $2.59 per pound late Thursday.
That said, on Wednesday, the Economic Calendar noted the copper price is reacting to “what had become a severe overbought condition.” As such, by Friday, the red metal briefly reached $2.61 before settling at $2.59 per pound as of 1:00 p.m. EST.
Finally, oil prices also had a rocky week, but was overall on the rise for the five-day period. On Friday, MarketWatch reported that its incline was in part due to signs of the market tightening following an agreement that producers would cut output.
Oil prices rose three percent on Friday, according to Reuters. As of 1:20 p.m. EST, its price was $52.86 per barrel.
 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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This article is updated each week. Please scroll to the top for the most recent information.

Weekly Round-Up: Gold Soars to Seven-week Highs
January 13, 2017
By Jocelyn Aspa
The gold price had another relatively strong week, pushing to six-week highs following President-elect Donald Trump’s press conference on Wednesday (January 11).
By mid-Wednesday, the gold price reached $1,195.20 an ounce, fueling speculations it would soon reach the $1,200 mark. Indeed, by Thursday the gold price had soared to $1,205.20, but has since cooled off some.
On Friday, the Economic Calendar said a stronger US dollar resulted in the yellow metal’s price drawback, while US jobs claims were also slightly lower. As of 11:57 a.m. EST, the gold price was $1,194.13 per ounce–a 1.31 percent increase over the five day period.
In silver price news, the white metal has had a similar week to its sister metal in terms of increase, gaining 1.81 percent over the five day period to $16.72 per ounce as of 12:35 p.m. EST on Friday
That said, the Economic Calendar also noted the silver price was on track for its third straight weekly gains resulting from a weaker US dollar. However, the DailyFX suggests the white metal’s “short-term uptrend looks corrective noting an interest in seeing if silver will go lower.

In the base metals sector, the copper price has had a relatively stable week, staying at $2.64 per pound for most of it before tailing off slightly on Friday.
Late Thursday, it was reported that the red metal “took a breather” following its big upside move on Tuesday. The Economic Calendar noted the contract for March 2017’s settlement on the COMEX division of the New York Mercantile Exchange rose 2.8 percent to $2.6730.
Other contributing factors to the copper price increase include improvements in the Chinese economy as a result of inflation data and a weaker US dollar. As of 12:30 p.m. EST on Friday, the red metal was $2.66 per pound.
Lastly, spot oil prices steadily gained over the week, climbing 1.54 percent over the five-day period to $52.59 as of 12:40 p.m. EST on Friday.
Despite the overall weekly gain, oil prices took a bit of a hit on Friday and were on pace to end the week lower due to concerns over OPEC cuts and the Chinese economy after reporting its exports took its hardest falls since 2009.
 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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