News Column

Gold gains, expect weekly loss

May 9, 2014

Gold futures posted modest gains Friday, but held their ground below the key $1,300 U.S. level and headed for a weekly loss as bulls struggled to build momentum off turmoil in Ukraine. June gold futures rose $3, or 0.2%, to $1,290.70 U.S. an ounce on the Comex division of the New York Mercantile Exchange, with prices set to lose 0.9% for the week. July silver futures rose three cents, or 0.2%, to $19.17 U.S. an ounce, trading around 2% lower than the week-ago close. Softer monetary policy from major central banks can boost gold, which can find support on worries such moves will undercut the central bank's currency. Meanwhile, Ukraine did gain some renewed attention from the gold market after pro-Russian separatists said they would go ahead with a referendum on secession on Sunday, in defiance of a call by Russian President Vladimir Putin to postpone the vote. Other metals on Comex traded on a mixed note Friday, with July high-grade copper tacking on 1.5 cents, or 0.5%, to $3.08 U.S. a pound. July platinum traded at $1,431.50 U.S. an ounce, down $6.30, or 0.4%, and set to lose roughly 0.6% for the week. The June contract for palladium fell $1.50, or 0.2%, to $802.55 U.S. an ounce, trading 1.2% lower on the week.

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Source: Baystreet Commodities (Canada)

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