Daily Spot Price Update 6/16/2017

Metal Open Close Change
Gold $1254.55 $1255.38 + $0.83
Silver $16.81 $16.68 $0.13
Platinum $929.55 $934.50 +$4.95
Palladium $872.70 $869.75 $2.95

Summary

Metals moved very little on 6/16.

Oil at a Loss

Oil has now hit the longest run of weekly losses since August 2015. This comes as OPEC member Libya restored production and as the US oil surplus shows no signs of moving. Concerns are growing about the increasing US oil supply and how it will work with the production curbs by OPEC members and allies like Russia. However, the International Energy Agency has forecasted that new non-OPEC output in 2018 should be enough to meet demand growth.

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