• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • WORLD EDITION
      Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • WORLD EDITION
      North America
      Australia
      World
    • My INN
    Videos
    Companies
    Press Releases
    Private Placements
    SUBSCRIBE
    • Reports & Guides
      • Market Outlook Reports
      • Investing Guides
    • Button
    Resource
    • Precious Metals
    • Battery Metals
    • Base Metals
    • Energy
    • Critical Metals
    Tech
    Life Science
    Market
    News
    Stocks
    • Market
    • News
    • Stocks

    Weekly Round-Up: Concerns Over Fed Tapering Push Commodities Down

    Investing News Network
    Aug. 30, 2013 11:15AM PST

    Commodities prices were dampened on Friday as investors worried the US Federal Reserve is more likely to begin tapering its stimulus plan after the release of strong economic data.

    Commodity prices were dampened on Friday as investors worried the US Federal Reserve is more likely to begin tapering its stimulus plan after the release of strong economic data.

    Earlier in the summer, Fed Chairman Ben Bernanke said quantitative easing will discontinue once the economy has recovered, but an early end would hurt assets like gold that have been boosted by QE for the past few years.

    Other speculations that the United States is now less likely to take military action against Syria also pushed gold and other commodity prices down.

    Spot gold dropped $13.92, to $1,392.06 an ounce, today, a session low, Reuters reported. Gold futures for December delivery also fell $18.80, to $1,394 an ounce. That is a shift from earlier in the week, when the precious metal hit a three-and-a-half-month high of $1,433.31. At that point, it was on track for its second consecutive monthly gain of approximately 5 percent.

    Silver was similarly affected by stimulus and Syria concerns today. The metal declined to $23.39 an ounce, a drop of $0.39, according to Reuters. During the first half of the week, silver had been performing well with gold, increasing $0.22 to reach $24.50 an ounce.

    Copper hit a three-week low today as the dollar gained on better-than-expected second -quarter growth. In official trading rings in London, copper for three-month delivery slid $27.79, to $7,125 a tonne. Earlier in the session, it was at $7,120, its lowest price since August 8. Worries over Fed tapering pushed copper down earlier in the week as well, but stable data from China helped keep it from tumbling too far.

    Finally, Brent crude oil declined as it has become more closely correlated with gold lately, almost hitting $115 a barrel. In comparison, the commodity fared better earlier this week and hit a high of $117, Reuters reported. US crude was similarly down $0.74, to $108.04 today.

     

    Related reading: 

    Syria Keeps Gold Party Going, but Will it Last?

    Syria Concerns Bring Silver Near $25

    quantitative easingchinaunited statesbrent crude oil
    The Conversation (0)

    Go Deeper

    AI Powered

    Gold Drops Over 8 Percent in Worst One-day Decline Since 1983

    Morgan Stanley Gold and Silver Price Outlook

    Latest News

    Finlay Minerals Announces Closing of Non-Brokered Private Placement of Flow-Through and Non-Flow-Through Units

    Cardiol Therapeutics Secures US$11 Million Financing and Extends Cash Runway into Q3 2027

    CSE Bulletin: MOC Eligibility Update

    FALCO ANNOUNCES CLOSING OF BOUGHT DEAL PRIVATE PLACEMENT

    CHARBONE Announces Closing of Units for Debt Financing Totaling $0.5M

    More News

    Outlook Reports

    Resource
    • Precious Metals
      • Gold
      • Silver
    • Battery Metals
      • Lithium
      • Cobalt
      • Graphite
      • Electric Vehicles
    • Agriculture
    • Base Metals
      • Copper
      • Nickel
      • Zinc
    • Critical Metals
      • Rare Earths
    • Energy
      • Uranium
      • Oil and Gas
    Tech
      • Artificial Intelligence
      • Cybersecurity
      • Robotics
      • Crypto
      • Cleantech
    Life Science
      • Biotech
      • Cannabis
      • Pharmaceuticals

    Featured Stocks

    More featured stocks

    Browse Companies

    Resource
    • Precious Metals
    • Battery Metals
    • Energy
    • Base Metals
    • Critical Metals
    Tech
    Life Science
    MARKETS
    COMMODITIES
    CURRENCIES