News Column

Weekly Round-Up: Gold, Silver Down Slightly After Fourth Week of Gains

June 27, 2014

Staff Writer


Although precious metals were down slightly on Friday, it looks like they are gearing up for a fourth straight week  of increases because of the lower value of the dollar, according to Reuters. Consumer spending in the US was less than expected in May, which led economists to downgrade their estimates for growth in the second quarter.

Spot  gold prices slipped by $2.63 or 0.2 percent to $1,315.54 an ounce today. On Tuesday, the yellow metal climbed as high as $1,325.90, the highest since mid April, according to Reuters.

Gold futures for August delivery remain unchanged at $1,316.90 an ounce.

“Gold’s race higher started after the Fed’s comments last week, which have weighed on the dollar,” Natixis analyst Bernard Dahdah said.

Likewise, silver prices were down $0.08 or or 0.4 percent to $20.97 an ounce. Silver is still on track to make a fourth week of gains, which is the longest streak of gains since September 2012.

Silver futures for August delivery on the Comex in New York were up $0.05 to $21.18 an ounce, according to CME group.

On the base metals front, copper futures for August delivery were up, rising $0.01 to $3.18 a pound.

On the London Metal Exchange, benchmark copper prices increased $18 to $6,968 a tonne, Fast Markets reported.

Because the month is almost over and the third quarter will begin in July, Fast Markets expects portfolio book-squaring for many of the metals, both precious and base.

Brent crude oil prices experienced a slight gain on Friday, still affected by the conflict in Iraq, according to The Wall Street Journal. The product is trading at $11.63 a barrel, up $0.42 or 0.4 percent. Prices have risen for two weeks in a row because of fears that the insurgency in Iraq would spread to the oil fields in southern Iraq.

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Source: Investing News Network

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