Copper scores nearly 11% weekly gain on bets for infrastructure demand
by Myra P. Saefong and Rachel Koning Beals
Gold futures dropped Friday to mark their lowest finish since June, as strength in the U.S. dollar and equities this week, and growing expectations for a Federal Reserve interest-rate increase next month, fueled the largest weekly decline in more than three years.
Copper futures, meanwhile, saw a weekly climb of nearly 11%, which was the largest in over five years, as traders bet that policies expected to be pursued by Republican Donald Trump’s administration could feed demand for industrial metals.
[…] Gold futures for December delivery fell $42.10, or 3.3%, to settle at $1,224.30 an ounce—the lowest close since early June, according to FactSet data.
For the week, prices lost roughly 6.2%, the largest since the week ended June 21, 2013, when they dropped about 6.9%.