Gold and silver prices took another hit on Friday to build their losses for the week, but the boomlet in copper continues unabated.
Comex gold futures slipped Friday by enough to hit a fresh 9-month low intraday after the US dollar index (which tracks the greenback against a group of major currencies) hit its highest reading in over a decade.
The dollar’s gains slowed in the holiday shortened trading session on Friday night as investors became very confident that the US Federal Reserve will not only nudge interest rates higher next month but suggest there could be further rate rises next year.
Gold futures for December delivery fell $US10.30, or 0.9%, to $1,179 an ounce at the close early Saturday, the lowest finish for the lead contract month since the first week of February, according to FactSet figures.
Comex December silver futures added 7 cents, or 0.5%, to end on $US16.465 an ounce. Silver ended the week down 0.4% after earlier this week hitting its lowest mark since June, according to FactSet data.
Markwetwatch pointed out that silver prices have slumped into a bear market if measuring the roughly 20% drop from their 52-week high of $20.666 an ounce, reached on August. 2, to lows hit this week.
Silver prices have lost roughly 10% since Donald Trump prevailed in the November 8 US presidential election.
But Comex December copper rose 6 cents, or 2.2%, to $US2.668 a pound and an 8% weekly gain, as traders reckoned there would be increased demand from any increase in in infrastructure spending (a perennial hope).
