Gold, copper, oil, all down this week
by Brian Turner
Commodities prices were generally lower this week: Gold, for example, fell to a three-month low, hitting $420.05 per troy ounce on Thursday, down $6 for the week before a slight recovery on Friday.
Even with the small advance Friday, gold still traded near its low point, at around $420.20/$421.00 per troy ounce by mid-afternoon in New York.
Copper was also lower as it fell more than 5 percent on the week, to $3,00, 10 percent lower than its all-time high of $3,336, reached in April. It was copper’s lowest price since February 10.
Meanwhile, large inventories of crude oil in the US sent prices for crude to a three-month low this week.
At the New York Mercantile Exchange in New York at mid-day on Friday, West Texas Intermediate June delivery was trading at $48.05 per barrel.
That price was down $2.91 for the week and 17 percent lower than the $58.28 per barrel it traded at, at one point in April.
In London, IPE Brent for June fell by $2.52 this week to $48.25 per barrel. Besides the factor of high stockpiles, a strong dollar also helped drive crude oil prices down.
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