Weekly Round-Up: Gold Boom

Gold prices rose again this week, gaining 2.06 percent over the past five days to trade at $1,271.70 per ounce as of 12:25 p.m. EST.

According to Commerzbank, that’s a new three-week high for the yellow metal. Gold prices rose despite a higher US dollar. “Weak stock markets and further falling bond yields presumably helped drive the gold price up,” the firm stated in a note to clients.

Meanwhile, ANZ hailed the return of a bull market for gold, suggesting that $1,400 gold could be in the cards. As CNBC reported, ANZ commodity strategist Daniel Hynes said that decreased expectations for an interest rate hike in the US, combined with risk aversion due to a potential Brexit, could help push gold higher.

Billionaire investors appear to agree with that sentiment-George Soros has been making headlines this week with news that he’s been investing in gold and gold mining shares. Investor fears certainly appear to be on the rise, as stocks fell while gold prices surged. The TSX lost 194 points to reach 12,045.23 on Friday, while the NYSE fell 135 points to hit 10,454.82.

Silver prices surged even more this week, rising 5 percent to hit $17.27 per ounce as of 12:48 p.m. EST. DailyFX stated that while positive momentum has continued for silver, there is now an elevated risk of pullback for the white metal.

On the base metals side of things, comex copper prices did not fare so well, losing 3.7 percent to trade at $2.048 per pound as of 13:22 p.m. EST. As per Commerzbank, LME copper prices were sitting around $4,500 per tonne to close out the week.

Copper prices dropped for the week after data showed that LME copper inventories were on the rise. However, news that China’s copper imports had risen 19.4 percent year-on-year for the month of May gave the red metal a bit of a bump on Wednesday.

Finally, spot oil prices took a downward turn for the latter half of the week, losing 0.84 percent overall to finish at $49.29 per barrel as of 1:37 p.m. EST. Commerzbank suggested that the dip was due to poor market sentiment rather than fundamentals.

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