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Prices for metals and Brent crude oil are up today, though gold and silver are still performing poorly and are set for major losses this month.
Prices for metals and Brent crude oil are up today, though gold and silver are still performing poorly and are set for major losses this month.
Spot gold increased $6.24 today, rising to $1,248.16 an ounce. In the previous session, it was down at $1,236.29 an ounce, its lowest level in four and a half months.The precious metal is near a 3.2-percent drop this week as of this morning, as per Reuters. Meanwhile, gold futures for December delivery in New York are up $4.99, at $1,248.10 an ounce.
A Bloomberg survey of nearly 20 analysts shows that many expect gold prices to drop even more next week. Gold is headed for its first annual drop in 13 years, the source states.
Silver prices are also up today, but still down for the week. Silver was last at $20.02 an ounce, a gain of $0.10 from the previous session. Spot silver is headed for a 3.7-percent weekly drop, its worst since mid-September.
Prices for both precious metals have been impacted the dollar, which is down 0.4 percent against a basket of currencies, Reuters reported. Recent positive US economic data has also hurt metal prices in the past few weeks because investors are taking it as a sign that the Federal Reserve will curb its stimulus program.
Fortunately for copper fans, that decline in the dollar helped prices for the red metal increase today. Three-month copper prices reached $7,065, up $42.39 an ounce on the London Metal Exchange, Reuters said. In New York, copper futures for December delivery were up $0.008, to $3.20 a pound, Investing.com reported.
Earlier this week, copper prices hit three-month lows. However, they have since recovered thanks to physical supply in Asia and signs that China will introduce economic reforms that will improve global demand in 2014.
Brent crude prices for January delivery increased $0.72 today, to $110.80 per barrel, according to Reuters. The fuel is on track to make gains for the second week in a row. Investors do not expect any breakthroughs in US and Iran negotiations. Current sanctions on Iran are keeping about 1 million barrels of oil per day from the global market; a removal of those sanctions could push down prices by allowing some of that crude to be sold.
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