Gold is on track for a second week of losses; meanwhile, copper posted a slight gain at week's end.
Articles Tagged "oil price"
Following a week of steady declines, commodities were up slightly today.
Oil – Brent crude gained on Friday, but was down for the week. Meanwhile, the International Energy Agency increased its estimate for 2014 oil demand.
Gold rose to its highest price in six months today as shares worldwide fell on tensions between Russia and Ukraine and Chinese growth concerns.
Oil – On Tuesday, crude oil lost 1.39% as concerns over a slowdown in China and rising U.S. stockpiles weighed on the price. Because of these circumstances, light crude declined below the psychological barrier of $100 per barrel for the first time since mid-February
Gold was down 0.1 percent, or $1.33, to $1,329.58 per ounce today.
US non-farm payrolls slid in softer than expected, but could support the dollar moving forward. For the week, metals posted moderate gains.
Gold prices slipped on Friday as the dollar recovered from a steep drop.
The market was taken by surprise Friday by the news that Deutsche Bank will withdraw from gold and silver benchmark setting while German officials investigate possible manipulation of precious metals prices by financial institutions.
Commodities rose Friday in anticipation of the US jobs report for December 2013.