Gold futures tally fourth weekly gain in a row
San Francisco (June 27) Gold futures settled higher on Friday, recovering a little from the prior day’s decline to tally a mild weekly advance — their fourth in a row.
Gold for August delivery GCQ4 +0.04% added $3, or 0.2%, to settle at $1,320 an ounce on the Comex division of the New York Mercantile Exchange. For the week, prices were up around 0.3% — adding to 5.5% climb scored over the previous three weeks.
July silver SIN4 -0.54% fell 3 cents, or 0.2%, to settle at $21.08 an ounce, trading around 0.6% higher for the week. September silver SIU4 -0.51% , which is now the most actively traded contract, ended almost 3 cents lower at $21.13 an ounce. Read Commodities Corner: Why silver is outperforming gold.
Gold is on pace for a mild weekly gain.
Gold spent the week primarily “digesting the big gains” made after Federal Reserve Chief Janet Yellen’s “dovish” comments last Thursday, said Vedant Mimani, lead portfolio manager of the Atyant Capital Global Opportunities Fund. Gold futures climbed 3.3% last week. “From a technical perspective, $1,320-$1,350 marks a zone of heavy resistance,” said Mimani.
On the geopolitical front on Friday, the European Union and three of Russia’s neighbors signed big trade-and-political deals, with The Wall Street Journal saying that could potentially provoke fresh tensions with Moscow .
All investors not as bullish as market suggests
WSJ's Simon Constable is joined by Blue Marble Capital Management's Vinny Catalano to discuss why consumers are concerned about the state of the U.S. and global economies, and why they are nowhere near as bullish as the stock market might imply. Photo: Getty
In U.S. economic news, data showed that U.S. consumer sentiment rose to a final June reading of 82.5. Economists polled by MarketWatch expected a reading of 81.9.
“With the economic data continuing to support the idea that the U.S. economy is in recovery, investors show little interest in safe haven assets such as gold, and instead allocate to the traditional stocks and bonds,” said Mimani.
In other metals trading, July platinum PLN4 +0.67% rose $8.40, or 0.6%, to end at $1,478.50 an ounce, climbing around 1.5% for the week, while October platinum PLV4 +0.66% , now the most-active contract, settled at $1,480.30, up $9, or 0.6%.
September palladium PAU4 +0.74% added $7.05, or 0.8%, to $842.85 an ounce, up around 2.5% on the week.
High-grade copper for July delivery HGN4 -0.44% closed down almost 2 cents at $3.15 a pound, up about 0.9% from a week ago. September copper HGU4 -0.16% , which is now the most actively-traded contract, closed little changed at $3.17 a pound.
On Thursday, gold futures settled lower, putting an end to a six-session string of gains that lifted prices to their highest close in about 10 weeks.
Shares of gold and silver miners slipped lower Friday afternoon, with the Philadelphia Gold and Silver Index XAU +0.13% down 0.5%, set to end flat for the week. Shares of the SPDR Gold Trust GLD +0.19% tacked on 0.2%, up about 0.4% for the week.
Source: MarketWatch
