Weekly Round-Up: Oil Notches Biggest Weekly Gain Since 2009

This week, gold prices were on the downward trend again. As November came to a close mid-week, the yellow metal officially recorded its worst monthly loss since June 2013, MarketWatch reported.

By Friday, the gold price appeared to be making a slight recovery supported by a correction in the US dollar, which had reached a 13-year high the week before.

Although the yellow metal was making gains early Friday, it still netted a 1.21 percent loss over the five-day period. As of 1:03 p.m. EST on Friday, the gold price was $1,175.29 per ounce.

Looking over to its sister metal, the silver price had a bit of a rollercoaster week, and the Economic Calendar noted the white meal was “on the defensive” before the US open.

That being said, while the silver price was a low $16.34 per ounce early Friday, it rose sharply to $16.75 per ounce as of 1:18 p.m. EST, rising 1.15 percent over the five-day period.

On the base metals sector, the copper price rose sharply early in the week from $2.57 per pound to $2.64 per pound. As the week went on, the copper price tapered off slightly to $2.62 per pound as of 1:30 p.m. EST on Friday.

Midweek, and as November came to a close, Bloomberg noted that copper’s gains over the month resulted in its strongest month in over a decade.  The publication reported that the price increase was in part a result of traders in China.

Lastly, spot oil prices made huge gains over the week. Oil soared 9.53 percent over the five-day period, pushing over the $50 mark to $51.37 per barrel as of 1:40 p.m. EST on Friday.

CNBC reported that the oil price stabilized on OPEC’s decision to ax crude output, noting the price soared to its biggest weekly gain since 2009. The publication also said crude prices were under pressure as data indicated oil output in Russia was on the rise during the month of November.

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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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