Commodities prices lower on week
Commodities prices were down again on Friday. Some analysts blamed the lower prices on sell-offs by investors who were worried about where prices are headed after declines during the week.
Gold dropped 4 percent on the day and nearly 10 percent on the week to trade at $658.10/$658.40 per troy ounce in the late afternoon. Last Friday, gold reached a 26-year high at $730 per troy ounce. Elsewehre in precious metals, silver was trading at $12.11 per troy ounce during the day, almost 20 percent lower than late last week, when it hit a high of $15.17 per troy ounce.
Among base metals, copper lost 6 percent during the day to trade $500 dollars lower at $7,530 per tonne. It has lost 14 percent in the ten days since it hit a record high. Other base metals saw similar declines during the week.
Crude oil prices were down as well. Brent crude July contracts on the International Petroleum Exchange saw a decline of 95 cents to $68.72 per barrel late in the day after having seen gains earlier. It was down 5 per cent on the week, and it was the first time in five weeks that it has closed before $70 per barrel. Meanwhile, June contracts of West Texas Intermediate crude on the New York Mercantile Exchange had dropped 85 cents by early afternoon to $68.60 per barrel, around 9 percent lower than the record high it reached three weeks ago. The declines have come after increases in inventories in the United States.