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Oil continued its downward movement on Friday, but gold and silver were able to rise. Meanwhile, copper sank slightly.
On Friday, gold rose 0.4 percent, to $1,213.38 per ounce, according to Reuters. The yellow metal in part benefited because the dollar and equities saw little reaction to the most recent US jobs report.
Gold has also been pushed up by political unrest in Greece, which has driven investors to safe assets like precious metals. The upcoming Lunar New Year holiday in China, which occurs in February, has also bolstered physical demand, as gold is a traditional gift for the occasion. The spot price this week is on track for a 2.5-percent gain.
For its part, silver rose 1.2 percent on Friday to trade at $16.51 per ounce.
Copper on the London Metal Exchange traded at $6,100 per tonne on Friday, down 0.1 percent, as per another Reuters article. That is near lows not seen in more than four years as inventories continue to grow and investors worry about oversupply. The metal has fallen for the past four weeks, and analysts see the price falling below $6,000 soon.
Meanwhile, copper futures on the COMEX in New York dropped 0.4 percent, to $2.7595 per pound, Bloomberg Businessweek reported. Economic data from China is also impacting copper’s price, as it indicates a slowdown that could cut demand for the metal.
Finally, Brent crude oil futures fell $1.66, to $49.30 per barrel. The price of oil is expected to experience a loss for the seventh consecutive week as producers continue not adjusting their output in the face of oversupply, as per Reuters. Other concerns include low annual consumer inflation in China and indications the German economy is slowing.
“Supply issues will dominate demand in terms of fundamental factors, with the market focusing on how the current supply surplus will ultimately resolve itself,” BNP Paribas said in a forecast. The firm has cut its expected prices for Brent and West Texas Intermediate crude for the year to come.