• Connect with us
    • Information
      • About Us
      • Contact Us
      • Careers
      • Partnerships
      • Advertise With Us
      • Authors
      • Browse Topics
      • Events
      • Disclaimer
      • Privacy Policy
    • Australia
      North America
      World
    Login
    Investing News NetworkYour trusted source for investing success
    • 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
    Resource Market
    Resource News
    Resource Stocks
    • Resource Market
    • Resource News
    • Resource Stocks

    Weekly Round-Up: Gold, Oil Gain on Iraq; Copper Recovers Slightly, Held Back by China

    Investing News Network
    Jun. 13, 2014 11:50AM PST
    Resource Investing News

    Mounting tensions stemming from the United States’ potential intervention in Iraq gave some commodities a boost this week.

    The resource markets posted some gains today, led by the United States’ potential intervention with extremists sweeping through Iraq, according to Reuters. The US government has not ruled out air strikes, President Barack Obama said on Thursday, which means that the US may go to war again.

    Geopolitical tensions provide support for gold as investors look to the yellow metal as a safe haven during times of political uncertainty. As a result, spot gold is up $1.27, or 0.1 percent, at $1,273.30 an ounce. Meanwhile, US gold futures for August delivery remain unchanged at $1,273.60 an ounce.

    Similarly, spot silver today rose 0.4 percent, or $0.07, hitting $19.57 an ounce, while silver futures for August delivery fell $0.01, to $19.54, according to CME Group.

    On the London Metal Exchange, copper is up $19.93, or 0.3 percent, at $6,642 a tonne, as per another Reuters article. However, there are still concerns over demand in China, as well as questions over a probe into Chinese metals financing.

    “We do expect to see an outflow (of copper into LME warehouses),” Caroline Bain, an economist at Capital Economics told the Reuters Base Metals Forum. “The question is whether it will be a disorderly dumping of stocks or whether financing deals will just be gradually unwound.”

    Meanwhile, copper futures for August delivery on the COMEX are up $0.01, at $3.03 a pound, according to CME Group.

    Escalating combat in Iraq has also bolstered Brent crude prices. Brent prices have inched up $0.18, to $113.20 per barrel, Reuters states. “You want to have a premium as Iraq is more unstable than last week, but with no disruptions, how much can you keep,” Olivier Jakob at Petromatrix, a petroleum news company, said.

     

    Related reading: 

    Silver Breaches $19.50 as Platinum, Palladium Fall from Favor

    petroleum newschinaunited statessilver futures
    The Conversation (0)

    Go Deeper

    AI Powered

    Weekly Round-Up: Copper Price Up as Gold, Silver Hit by Fed Comments

    Weekly Round-Up: Gold, Silver Flat Ahead of Fed Decision

    Latest News

    Boundiali indicated gold resources grows by 53% in two month

    PGO to Acquire White Dam Gold Operation in South Australia

    Burbanks Drilling Returning Spectacular Grades

    New Drill Targets defined at Mt Hope Project

    Apollo Silver Announces Upsize of Private Placement Offering

    More News

    Outlook Reports world

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

    Featured Resource Investing News Stocks

    More featured stocks

    Browse Companies

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