Weekly Round-Up: Gold Down Slightly After Four-month High

Gold enjoyed some positive price action this week, with COMEX futures for December delivery hitting a four-week high of $1,156.40 per ounce on Thursday. 
The consensus amongst market watchers appears to be that the yellow metal’s price was pushed up by a number of factors, including short covering in the futures market, bargain hunting in the cash market and increased safe-haven demand.
As of Friday at 1:35 p.m. EST, the gold price was sitting at $1,146.19. That’s down from Thursday’s high point, but still up from last week‘s peak.

The silver price moved much the same as gold this week, jumping on Thursday to reach $15.19 per ounce. That’s its highest price this week, but just under $15.22, which it rose to last week just after the US Federal Reserve decided not to raise interest rates. As of 1:35 p.m. EST on Friday, silver was trading hands at $15.11.
On the base metals side, copper had a fairly rough week. Copper futures saw their biggest one-day percentage decline in eight months on Tuesday, as per The Wall Street Journal, sinking 3.8 percent to reach $2.2975 per pound. The metal was hurt by concerns about Chinese demand ahead of the release of manufacturing data from the Asian nation.
Finally, oil prices were up Friday after the latest weekly reading on the US oil rig count showed a decline of four rigs. Brent futures ticked up $0.51 to reach $48.68 per barrel, according to CNBC, while US WTI futures rose $0.78 to hit $45.69 per barrel.

 
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article. 
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