With growing possibility of the Federal Reserve raising interest rates in December, gold prices dropped to five-month low over the week. 

On Thursday, Market Watch reported that Federal Reserve chairperson Janet Yellen validated allegations on interest rates increasing at their meeting next month. As a result, the yellow metal has dropped to its second straight weekly decline.

As of 12:50 p.m. EST on Friday, the gold price was $1,206.40 per ounce, an overall drop of 1.06 percent over the five-day period.

Market Watch noted that “prospects for higher interest rates have been gold-negative,” although gold’s recent losing sessions have already reflected the possibility of a rate increase.

On the  silver prices side, the white metal has also lost significant steam over the five day period, with its biggest drop coming early Friday morning to $16.43 per ounce. Although it rose briefly to $16.67, the silver price dropped again slightly. As of 1:50 p.m EST, the silver price was $16.58 per ounce, an overall loss of 1.84 percent over the five-day period.

The Economic Calendar reported Friday that as the dollar continues to grow stronger, silver prices will remain under pressure.

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On the other hand, in the base metals sector, the copper price saw a sharp decline after its previous strongest weekly surge in 35 years.  Early Friday, the copper price dropped to $2.45 per pound, but appeared to be on the rise again. As of 2:00 p.m. EST, the copper price was $2.46 per pound

Lastly, spot oil prices had an eventful week, rising on Thursday to $46.37 per barrel before dropping again on Friday. Still, the oil price made overall gains for the five-day period, rising 3.93 percent. As of 2:30 p.m. EST, the price was $45.44 per barrel.

CNBC reported on Friday that the price increase came on rising oil rig counts, despite a stronger US dollar.

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

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Weekly Round-Up: Gold Price Tumbles to Six-Month Low