Weekly Round-Up: Gold Price Briefly Tops $1,300

Gold prices were up again this week, trading at $1,293.10 per ounce as of 1:59 p.m. EST. Prices gained 0.66 percent for the week overall.

Prices briefly traded above $1,300 per ounce on Thursday. That’s the highest price for the yellow metal since May 3, according to Reuters. The US Federal Reserve left interest rates unchanged yet again following the latest FOMC meeting on Thursday, which contributed to gold’s rise.

However, as per Kitco News, gold prices dipped back below the $1,300 level on Friday on the back of rumors that the Brexit vote could be postponed. UK member of parliament Jo Cox was shot and killed on Thursday, after which campaigning on both sides of the Brexit referendum came to a halt.

Similar to gold, silver prices rose steadily through the week but dropped late on Thursday. Prices finished the week fairly flat, up 0.17 percent to $17.40 per ounce as of 2:13 p.m. EST on Friday.

On the base metals side of things, comex copper prices dipped 0.2 percent to trade at $2.058 per pound as of 2:14 p.m. EST. The metal was up on Friday due to a weaker US dollar and higher oil prices, the Wall Street Journal reported.

Finally, while spot oil prices were on the rise on Friday, they were down for the week overall, dipping 2.12 percent to trade at $47.51 per barrel as of 2:17 p.m. EST.

A note from Commerzbank stated on Wednesday that oil has been under pressure to high levels of risk aversion. Prices dipped despite an update on the market from the International Energy Agency (IEA) that took into account higher demand and unexpected production outages.

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. “The oil market is already balanced, in other words, something the IEA previously only expected to happen during the second half of the year,” the firm wrote.

Easing worries over the Brexit vote also contributed to support for oil on Friday, according to Reuters. Brent crude futures were trading at $48.75 per barrel as of 1:53 p.m. EST, while WTI futures were trading at $47.56.

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Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article. 

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