Weekly Round-Up: Banner Week for Metals, Brent Crude Falls Slightly

Today, gold rose 1.3 percent, or $17.15, to hit a three-month high of $1,319.31 per ounce, according to Reuters. The yellow metal looks set to post its biggest weekly gain in the past six months. 

Meanwhile, US gold futures for April delivery hit $1,320.70 per ounce after rising 1.6 percent, or $21.13.

“Gold continues to trade extremely well and it is basically taking out one key resistance level after the other,” Michael Widmer, a Bank of America Merrill Lynch analyst, told the news outlet. “Fundamentally, in terms of having a sustained theme that should take gold higher, be it on the inflation side, on the monetary side, or currency side I still don’t see one, but for now it’s hard to argue against it.”

Also performing well was silver, which according to iNVEZZ.com climbed to $21.295 per ounce, its highest level since November, earlier today.

Meanwhile, a weak dollar and low availability drove copper prices higher this morning. Three-month copper on the London Metal Exchange climbed 0.7 percent, or $50.11, to $7,158 a tonne, as per another Reuters report. Copper on the COMEX in New York also rose, with futures for March delivery gaining 0.4 percent, or $0.01, to trade at $3.264 a pound, Bloomberg notes.

Finally, today Brent crude was trading down $0.35, at $108.17 a barrel, as a weaker demand outlook in the US and disappointing Chinese data weighed on investors, states Reuters.

 

Related reading: 

Gold Closes in on Technical Level, Breaches $1,300 per Ounce

Silver Trailing Gold, Facing Resistance at $20.50