Despite dropping to a three-week low on Thursday (February 9), gold had a relatively strong week, soaring to $1,242.20 an ounce on Wednesday.
Thursday’s fall was the result ofÂ a stronger US dollar and a rise in equities,Â MarketWatch says. Even so, the yellow metal was on the rise again by Friday, and by 1:06 p.m.Â was at $1,232.50 – a 0.16-percent increase over the five-day period
âA good portion of the bullishness in gold this last several weeks has been a result of the general belief that the Trump rally moved too high, too fast,â Adam Koos, president of Libertas Wealth Management Group, told the publication.
Silver, gold’s sister metal,Â climbed to a nearÂ 12-week high early in the week. Its increase came on the back ofÂ technical buying and moderate expectations that interest rates will rise,Â Economic Calendar notes.
The white metal also made strides onÂ Friday, climbing from $17.58 an ounce to $17.84 as of 1:10 p.m. EST. Economic Calendar suggests that silverÂ is on pace for a weekly gain of 0.7 percent, while year-to-date its price has increased 10 percent.
On the base metals side, the copper price was pushed up this week on the back of looming supply disruptions at the world’s two largest copper mines. Forbes notes thatÂ by Friday LME copper was at $6,083 per tonne, its highest level since June 2015.
Spot oil prices also had a strong week, and are moving toward their strongestÂ finish in roughly five weeks.
OPEC members have âdelivered more than 90 percent of the output cutsâ they promised last month, CNBC says, and as of 2:00 p.m. EST Friday, US crude wasÂ atÂ $53.93 per barrel. That’s a 2.49-percent increase from the start of the week.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.Â
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