The gold price edged lower on Friday after a new jobs report increased worries of another rate hike from the US Federal Reserve.
The gold price has been driven mainly by geopolitical tensions and a weak US dollar in Q3, and looks set to end the period higher.
Copper prices fell after the US Federal Reserve announced plans for one more interest rate hike this year and three in 2018.
The gold price edged lower on Friday and was headed for a weekly loss after a North Korean missile test brought little reaction from investors.
Gold climbed on Friday after weaker-than-expected US jobs data cast doubts on further Fed interest rate hikes. In August the metal rose 4.1 percent.
Paul Benjamin, research director at Wood Mackenzie, shares his insight on the copper price rally, the copper market and what’s ahead for the red metal.
The gold price rose above the $1,300-per-ounce mark as geopolitical uncertainty boosted precious metals demand.
The gold price fell on Friday after a stronger-than-expected US employment report.
Copper prices hit a fresh two-year high this week, supported by upbeat Chinese data, supply disruptions and a weaker dollar.
Major copper miners Glencore, BHP Billiton and Freeport-McMoRan were on the rise after copper prices reached their highest level since May 2015.
Teck Resources Limited (TSX:TECK.A and TECK.B)(NYSE:TECK) (“Teck”) reported profit attributable to shareholders of $577 million ($1.00 per share) in the second quarter compared with $15 million ($0.03 per share) a year ago.
“I’m pleased with our results,” said Don Lindsay, President and CEO. “We generated adjusted EBITDA of $1.3 billion in
The gold price rose on Friday as the US dollar fell against the euro.
The gold price edged lower on Friday after a stronger-than-expected US jobs report increased fears of another rate hike.
A weaker dollar and decreasing warehouse stocks also supported prices.
The gold price is on track for a weekly gain, supported by political uncertainty and a weaker dollar.
Up to 6,000 workers in Indonesia will continue to protest for another month, putting copper supply from Grasberg at risk.