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Gold on pace for weekly gain

June 27, 2014

Gold futures edged up Friday, recovering a little from the prior day's decline and working toward a mild weekly advance. Gold for August delivery added $2.70, or 0.2%, to $1,319.70 U.S. an ounce on the Comex division of the New York Mercantile Exchange. For the week, prices were up around 0.2%. July silver fell nearly a penny to $21.10 U.S. an ounce, trading around 0.8% higher for the week. September silver, which is now the most actively traded contract, was almost flat at $21.165 U.S. an ounce. 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. In U.S. economic news, data showed that U.S. consumer sentiment rose to a final June reading of 82.5. Economists expected a reading of 81.9. In other metals trading, July platinum rose $14.30, or 1%, to $1,484.40 U.S. an ounce, climbing around 1.9% for the week, while October platinum , now the most-active contract, traded at $1,485.50 U.S., up $14.20, or 1%. September palladium added $5.75, or 0.7%, to $841.55 U.S. an ounce, up around 2.4% on the week. High-grade copper for July delivery was down almost a cent at $3.16 U.S. a pound, up about 1.2% from a week ago. September copper, which is now the most actively-traded contract, was little changed at $3.17 U.S. a pound.

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Source: Baystreet Commodities (Canada)

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