Commodities prices gain
Metals prices were up on Friday as the US dollar weakened in the face of more possible interest rate hikes to come.
Gold added 3.6 percent on the day to $613.50 per troy ounce. It was up over 5 percent this week and is up 19 percent since the beginning of the year, even after dropping $100 dollars from its peak on May 12. Silver was up 7 percent during the week to more than $11 per troy ounce, and is 25 percent higher than its price at the beginning of the year, again despite a 27 percent decline since it peaked on May 11.
Base metals have risen even more this year. Three-month copper was up $130 on Friday to $7,430 per tonne on the London Metal Exchange, taking it up nearly 10 percent this week. Copper prices have risen more than 67 percent since the beginning of the year.
Zinc added 13 percent on the week to $3,240 per tonne, and is up more than 71 percent since the start of the year. Nickel traded at $212,325 per tonne, a gain of 10 percent this week and around 58 percent higher than at the year’s start.
Crude oil prices were also up. Brent crude August contracts had added 20 cents to $73.09 per barrel by late in the day on the International Petroleum Exchange in London. This took Brent 4.5 percent higher this week and almost 26 percent higher since the beginning of the year. Meanwhile, West Texas Intermediate crude for August delivery was up 28 cents halfway through the morning session in New York to $73.80 per barrel, a gain of 4 percent on the week and more than 20 percent higher than its price at the beginning of January.