News Column

Gold heads for weekly, monthly declines

May 30, 2014

Gold prices fell Friday, with their worst monthly decline in five months in sight as investors favored risk assets over the precious metal. Gold prices have fallen every day this week, and the August futures contract was down $5.50, or 0.4%, to $1,251.30 U.S. an ounce. Gold was on pace for a weekly decline of 3%, the heftiest since the week ended March 28, according to FactSet data. Silver prices were also facing a weekly loss of 2.6%. They fell 10 cents, or 0.5%, to $18.91 U.S. an ounce on Friday. For the month, gold futures are poised for their sharpest monthly pullback since December, with a downturn of 3.1%. Elsewhere in metals trading, high-grade copper for July delivery slipped less than one cent to $3.14 U.S. a pound. September palladium, however, rose 75 cents, or 0.1%, to $835.30 U.S. an ounce. July platinum was also higher, by $1.40, or 0.1%, to $1,461.60 U.S. an ounce.

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Source: Baystreet Commodities (Canada)

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