[On Thursday] gold moved up even when the dollar was stronger, so for me that signals that it is mainly central bank-policy driven,” Georgette Boele, an analyst at ABN AMRO Bank told the news outlet. Meanwhile, Simon Weeks, head of precious metals
at the Bank of Nova Scotia (TSX:BNS
), said, “[a]s a safe haven, it is definitely coming into play again.”
Unsurprisingly, the silver price largely followed the gold price this week. Though the white metal was off from last week’s high of $15.88 per ounce, it was able to stay above $15, moving between $15.16 and $15.48.
On the base metals side, the copper price hit its highest point in about two weeks on Friday, as did nickel and zinc prices. As Reuters states in another article, those gains came on the back of “brighter prospects for Chinese demand and concern about the potential for looming shortages.”
All in all, three-month LME copper peaked at $4,631.50 per tonne on Friday, its highest point since February 9, before sinking slightly to $4,621. For the week as a whole, the metal gained 3 percent, and is doing much better than it was midway through January, when it hit a six-and-a-half-year low point.
Finally, while oil prices soared a whopping 7 percent on Wednesday after Iran said it supports Russia and Saudi Arabia’s move to stem the oil market glut by freezing production, they were not faring quite so well on Friday. Reuters states that as of 11:51 a.m. EST on Friday, US crude futures were down $1.17, or 3.8 percent, at $29.60 per barrel; meanwhile, Brent crude was down $1.28, or 3.7 percent, at $33.
The fuel’s gains earlier in the week were reportedly “tempered by continued concerns of an oversupplied market after a record build in U.S. crude inventories.” The consensus among analysts is that US stockpiles will rise on the back of seasonal spring refinery maintenance works.
is focused on exploring and developing the Ambler mining district located in northwestern Alaska. The district is known for world-class polymetallic volcanogenic massive sulphide (VMS) deposits that contain copper, zinc, lead, gold and silver as well as carbonate replacement deposits with high-grade copper mineralization. Connect with NovaCopper
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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