Weekly Round-Up: Precious Metals Stagnant as Investors Sit Tight

Spot gold is currently sitting at $1,286.77 per ounce, down only slightly from Thursday’s price. Meanwhile, CNNMoney places gold futures for June delivery at $1,291.30. 

The yellow metal’s stagnation is largely the result of Ukraine tension, which has left precious metals investors uncertain of how to proceed, as per Reuters. ”We’ve been moving in a range between $1,290 and $1,310,” Natixis (EPA:KN) analyst Bernard Dahdah told the news outlet.

Similarly, silver is selling for $19.18 per ounce today, just a few cents higher than yesterday’s close of $19.15.

Faring a little better is London Metal Exchange (LME) copper for three-month delivery, which is up 0.2 percent, at $6,744 per metric ton, according to Bloomberg.

Interestingly, it looks like copper’s good fortune may continue. Over the past week, Chinese smelters have begun reducing their exports of spot refined copper so that they can sell it domestically, Reuters notes. That may lead to supply constraints on the international market, a situation that would help support benchmark LME prices, which have fallen over 8 percent this year.

Finally, Brent crude is selling for $108 a barrel, an increase of $0.09, CNBC states. The crisis between Russia and Eastern Ukraine is causing oil prices to rise to unusually high levels. Many worry that a conflict would disrupt oil supply from Russia, the world’s top producer.

 

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