Gold prices continued dropping throughout the week, but was on the upward swing on Thursday with a sharp rise early Friday. Despite the gains, the yellow metal still dropped 0.34 percent over the five-day period. As of 12:15 p.m EST, the gold price was $1,319.13
Silver prices also rose significantly over the week, with the biggest spike coming on Friday. After hovering under the $19 mark in recent weeks, the increase comes as shareholders await the release of the US jobs data on Friday.
Over the five-day period, the grey metal gained 2.44 percent. As of 12:30 p.m. EST, the silver price was $19.21.
In the base metals sector, copper prices also had a significant boost later in the week although after it dropped to a multi-week low on Tuesday. By Friday, the price dropped back down to $2.09 as of 12:40 p.m. EST. Overall, the copper price rose 0.11 percent over the five-day period.
The Economic Calendar reported that the US dollar has “kept pressure on copper,” and that it has “yet to respond to a deeply oversold condition.”
Lastly, spot oil prices dropped slightly during the first half of the week from $46.50 per barrel before heavily losing steam on Thursday and early Friday. While the oil price decreased 5.35 percent over the week, it started picking back up again Friday. As of 1:30 p.m. EST, the oil price was $44.44.
The oil price leveling in part came from Russian president, Vladimir Putin, putting a call out for production cap, according to The Week. The publication reported that Putin has asked producers to agree to limit output at the International Energy Forum later in September.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.