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Gold logs sixth weekly gain

July 11, 2014

Gold futures settled lower on Friday, but still scored their sixth straight weekly gain as traders gauged the risks posed by a troubled Portuguese bank. Gold for August delivery fell $1.80, or 0.1%, to settle at $1,337.40 U.S. an ounce on the Comex division of the New York Mercantile Exchange. Prices ended the week 1.3% higher, taking their six-week total gain to more than $76 U.S. an ounce. They closed Thursday at their highest level since March, in part due to haven demand spurred by concerns over Portuguese lender Banco Espirito Santo, which served to remind investors of the long-dormant euro-zone debt crisis. Other metals traded on Comex finished the session on a mixed note. October platinum shed $3.20, or 0.2%, to $1,513.80 U.S. an ounce, for a gain of around 0.4% on the week, while September palladium added $1.70, or 0.2%, to $875.30 U.S. an ounce, up 1.6% from the week-ago close. High-grade copper for September delivery closed nearly flat at $3.27 U.S. a pound for a weekly loss of around 0.3%.

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Source: Baystreet Commodities (Canada)

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