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The spot gold price crept up on Friday following a week of losses, gaining 0.4 percent to hit $1,192.76 per ounce. Prices for silver, copper and Brent crude oil also rose.
The spot gold price crept up on Friday following a week of losses. According to Reuters, the metal gained 0.4 percent to hit $1,192.76 per ounce. Meanwhile, US gold futures for June delivery rose to $1,193.30.
Gold’s previous weakness was driven by positive US economic news released earlier this week. It drove the dollar’s value up against foreign currencies and made dollar-demarcated commodities more expensive for foreign investors.
“The recent surge in the dollar, which pushed crude oil prices lower, has put pressure on gold,” Hamza Khan, a commodities analyst for ING (NYSE:IND), told the news outlet.
Friday’s uptick resulted from a slight softening in the dollar and continued uncertainty surrounding Greek debt talks. There are some concerns that the rise may not last long — more news regarding a US Federal Reserve interest rate hike is expected to push investors toward riskier assets that pay interest.
For its part, the silver price rose 0.5 percent, to $16.76 per ounce.
Despite stimulus efforts in China, the world’s largest copper consumer, the copper price slipped throughout the week. However, it pared its losses on Friday — LME copper improved to $6,117 per tonne, though Bloomberg reported bearish sentiment amongst traders. That negativity was more visible on the COMEX exchange, where copper futures fell 1.3 percent, to $2.74 a pound, as per MarketWatch.
Finally, Brent crude improved by 1 percent on Friday, hitting $62.88 per barrel, according to AGWeek. The rise came after the news that US inventories have seen a fourth straight week of declines. However, CNBC reported that an increase in US oil production this past week could contribute to a lower price in the future. Currently, US oil production is at its highest level in 44 years.
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