Oil was the story of the week. WTI crude settled Friday at $99.04, up 7.8% from the previous Friday, and Brent closed at $109.69, up 4.8%. Investing.com reported that Brent touched $110 a barrel for the first time since May, citing supply fears linked to the Middle East and Russia.
Gold went the other way. The front-month future closed at $4,186.70, 0.7% lower on the week, and spot gold was quoted near $4,166 as markets closed for the weekend. Investing.com noted that gains in oil offset the support from a weaker dollar and a rally in US bonds.
Metals under pressure
Silver fell 5.8% on the week to $57.14, and palladium and platinum also lost ground. The gold-to-silver ratio rose to about 73, above its one-year average of roughly 66, a sign that silver has been weaker than gold.
What to take from the week
The oil move was driven by supply news rather than demand, which is why metals did not follow it. For gold, lower Treasury yields and a softer dollar were not enough to lift the price over the week, with oil’s surge in the background. We look at each market in separate notes today: gold, Brent, the Brent–WTI spread, silver, platinum and palladium, copper, natural gas and the weekend risks.
Prices are front-month futures closes unless stated. Futures and spot can differ slightly.