Gold, silver and copper made gains on the back of US-Syria political tensions. Oil was also up, supported by a decline in global inventories.
In case you missed it, here is this week’s big news roundup.
Global oil majors like BP, Shell and some independent producers have shown an interest in acquiring stakes in oil assets in the country.
While the major markets wavered in anticipation of the US Federal Reserve’s meeting, commodities picked up speed and recovered from recent losses.
The week saw an uptick in prices for precious metals due to a weakened dollar caused by political concerns. Oil saw a weekly decrease over surging supply.
Saudi Energy Minister Khalid al-Falih said the country’s crude production from January to March will be “well below” output caps.
Friday saw the yellow metal on track for its worst weekly performance since early December on the back of a strong US dollar.
Last week’s other top-gaining mining stocks on the TSX were LeadFX, Nautilus Minerals, Dalradian Resources and Excelsior Mining.
By Melissa Shaw
Last week’s other top-gaining TSXV-listed mining stocks were Granada Gold Mine, Galantas Gold, Goldcliff Resources and Cornerstone Capital Resources.
Gold is on track for its biggest weekly gain in nearly two years, with silver down slightly and oil hitting a snag on concerns over inflation.
Oil prices have fallen 15 percent in the last three weeks, and analysts are now warning that prices will only continue to decline.
Oryx Petroleum Corporation Limited (TSX:OXC) announced its oil reserves and resources as at December 31, 2017.