Weekly Round-Up: Gold Price Poised for Second Straight Week of Gains
On Friday, the spot gold price was up 0.1 percent, at $1,202.47 an ounce. The yellow metal is up 1.8 percent for the week, and is poised to post its second straight week of gains. Meanwhile, prices for silver, copper and Brent crude oil were down.
On Friday, the spot gold price was up 0.1 percent, at $1,202.47 an ounce, according to Reuters. The yellow metal is up 1.8 percent for the week, and is poised to post its second straight week of gains.
The rise resulted from continued investor concern regarding the Greek debt crisis and from the US Federal Reserve’s dovish approach to interest rates. Specifically, the Fed said it won’t raise interest rates until there’s further improvement in the labor market.
For its part, the silver price slipped 0.1 percent, to $16.14 per ounce, reflecting the dollar’s continued strength against a basket of foreign currencies, as per Reuters. As the dollar becomes more valuable, dollar-demarcated commodities are more expensive for investors who hold other currencies. While the unstable debt situation in Greece would traditionally drive up the value of safe-haven investments, the dollar’s strength is curtailing growth.
“The rate move, a stronger dollar and the re-pricing of the U.S. yield curve will limit any upside,” Jens Pedersen, a senior analyst at Danske Bank (CPH:DANSKE), told the news outlet.
Meanwhile, the copper price slid on lackluster Chinese demand. The Asian nation is the world’s largest copper consumer, and many investors anticipated a seasonal increase in demand for the metal. When that did not materialize, the metal fell 1.4 percent on the LME, to $5,675 a tonne, Reuters states in another article.
Similarly, COMEX copper fell 1.46 percent to reach $2.57 per pound, MarketWatch reported.
Finally, the Brent crude price fell $1, to $63.26 per barrel, as investors responded to fears that a Greek default will impact surrounding economies and diminish oil demand, according to Reuters. While oil demand is currently up, global supply and production remain quite high.
Related reading:
Weekly Round-Up: Gold Price Stabilizes on Greece Concerns
Weekly Round-Up: Positive US Jobs Data Weighs on Precious Metals
Weekly Round-Up: Gold Price Gains Following Week of Losses
Weekly Round-Up: Stronger US Dollar Weighs on Precious Metals
Weekly Round-Up: Gold Set for Biggest Weekly Gain Since Mid-January
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 1853.48 | 0.00 | |
Silver | 22.12 | 0.00 | |
Copper | 4.32 | +0.06 | |
Palladium | 2076.57 | 0.00 | |
Platinum | 957.08 | 0.00 | |
Oil | 115.07 | +0.98 | |
Heating Oil | 3.90 | +0.05 | |
Natural Gas | 8.71 | -0.19 |
DOWNLOAD FREE REPORTS
BROWSE COMPANIES BY SECTOR
- Agriculture Investing
- Phosphate Investing
- Potash Investing
- Base Metals Investing
- Copper Investing
- Iron Investing
- Lead Investing
- Nickel Investing
- Zinc Investing
- Battery Metals Investing
- Cobalt Investing
- Graphite Investing
- Lithium Investing
- Manganese Investing
- Vanadium Investing
- Critical Metals Investing
- Magnesium Investing
- Rare Earth Investing
- Scandium Investing
- Tantalum Investing
- Tellurium Investing
- Tungsten Investing
- Energy Investing
- Oil and Gas Investing
- Uranium Investing
- Gem Investing
- Diamond Investing
- Industrial Metals Investing
- Aluminum Investing
- Chromium Investing
- Coal Investing
- Molybdenum Investing
- Tin Investing
- Precious Metals Investing
- Gold Investing
- Palladium Investing
- Platinum Investing
- Silver Investing
- 3D Printing Investing
- Bitcoin Investing
- Blockchain Investing
- Cleantech Investing
- Cloud Investing
- Cryptocurrencies
- Data Investing
- Emerging Tech Investing
- Artificial Intelligence Investing
- Mobile Investing
- Robotics Investing
- Fintech Investing
- Gaming Investing
- Esports Investing
- Nanoscience Investing
- Graphene Investing
- Nanotech Investing
- Security Investing
Featured stocks
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.