Gold edged down on Friday but held near an over two-month high hit in the previous session, when prices surged over 2 percent as a rout in global stock markets boosted the metal’s safe-haven appeal. Spot gold was down 0.2 percent at $1,221.06 an ounce at the time of writing. On Thursday, it jumped about 2.5 percent after marking its highest since July 31 at $1,226.27. That was also the metal’s best one-day percentage gain since June 2016. U.S. gold futures were down 0.3 percent at $1,224.50 an ounce.
London aluminium steadied on Friday after metals were caught in a widespread market sell-off this week, but it was set for its biggest weekly drop since June as concerns over raw material costs eased. LME aluminium had edged up 0.3 percent to $2,027 a tonne at the time of writing – still holding above the $2,000 level that has been its base since April. Prices were on course for a loss of nearly 4 percent this week, extending 2018’s drop to 11 percent.
Oil prices steadied on Friday after a market rout driven by sharp falls in equity markets and indications that supply concerns have been overblown, but were still on track for a fall or more than 4 percent for the week. U.S. West Texas Intermediate (WTI) crude futures were up 11 cents at $71.08 a barrel, after falling 3 percent in the previous session to the lowest since Sept. 21. U.S. crude inventories rose by 6 million barrels last week, the Energy Information Administration said, more than double analysts’ expectations of a 2.6 million-barrel increase.
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