Positive economic news and hints of interest rate cuts in Europe supported oil and copper prices this week, while central banks and buyers of gold bars and coins gave the yellow metal a much-needed lift.
Tin – Reuters reported that tin climbed 0.8% as US weekly jobless claims fell unexpectedly.
Resource prices held steady this week as good news from the US was offset by worries that a stronger euro could slow the continent’s recovery.
Copper – Positive US and Chinese manufacturing data pushed copper to a short-lived, four-month high on Monday. Thereafter, copper prices slumped three days in a row as Spain became embroiled in a corruption scandal and the European Central Bank warned of risks to Europe’s economic recovery.
Silver – After losses last week prompted by one central bank — the Federal Reserve — silver gained on news from the ECB, another central bank.
Gold – Gold prices were down again this week on continued global concerns about the mounting fiscal cliff. However, investors are using the low prices as a discounted entry point.
Gold – Reuters reported that gold prices rallied to their highest so far in 2012 on Thursday on the up-coming US jobs data, and the ECB's intent to keep borrowing costs low. Gold prices are setting their sights on the $1,800 mark.
Gold – CNBC reported that gold prices underwent a choppy Tuesday trading session, but closed slightly high, closing at $1,766.
Copper – Reuters reported that copper prices were down to a one-week low on Monday investors play "wait-and-see" with the markets. Chinese infrastructure plans, ECB and US Federal Reserve policy easing have ebbed investor interest, furthermore, growing uncertainty over the fate of Spain has pushed the euro down.
Silver – Business Insider reported the rise in the price of silver, trading at $33.94 an ounce, up almost 1.5% on after the announcement that Germany’s top court ruled that Germany can ratify the €500 billion ESM bailout fund but with strict conditions.
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