Gold futures swerved between small gains and losses Friday
Gold futures swerved between small gains and losses Friday, underpinned by a weaker dollar but for the most part lacking catalysts to generate trading action in either direction.
Gold for June delivery retreated $1.20, or 0.1%, to $1,640.60 an ounce on the Comex division of the New York Mercantile Exchange. The contract had spent most its early hours in the black.
The metal’s trading down 1% for the week, having broadly missed out on safe-haven flows at the expense of U.S. bonds and the dollar.
On Friday, the dollar pushed lower against major rivals as European stocks moved higher after Germany’s Ifo Institute said its business-confidence gauge edged up to 109.9 in April from 109.8 in March, defying expectations for a pullback.
That boosted the euro and sent the greenback lower. The ICE dollar index stood recently at 79.270, off from the 79.589 seen late Thursday.
A weaker dollar is a generally positive for gold and other commodities as it makes them less expensive to holders of other currencies.
Investors will be eyeing International Monetary Fund meetings in Washington over the weekend, as well as Sunday’s first-round presidential vote in France.
President Nicolas Sarkozy and Socialist challenger François Hollande are expected to move to a head-to-head runoff on May 6. Most French opinion polls show Hollande would prevail in that runoff.
The broader metals complex mostly traded higher, with silver bucking the trend. May silver slipped 7 cents, or 0.2%, to $31.73 an ounce.
Copper for May delivery added 6 cents, or 1.6%, to $3.69 per pound.
July platinum gained $2.50, or 0.2%, to $1,580.50 an ounce, while sister metal palladium for June delivery added $5.15, or 0.8%, to $668.45 an ounce. – MarketWatch
- Gold futures climbed Wednesday - May 9th, 2013
- Gold price in Hong Kong went up 122 HK dollars per tael on Thursday - May 9th, 2013
- BullionVault's Gold Investor Index climbed to a 16-month high - May 9th, 2013
- Gold to extend gain to $1,504-technicals - April 26th, 2013
- U.S. Mint suspends American Eagle gold bullion coins sales after demand surge - April 25th, 2013
- Is gold's price drop just the beginning? - April 25th, 2013
- Gold’s Declining Price Is a Reversion to the Mean - April 25th, 2013
- Gold prices maintained an upward trend for the fourth-straight day to Rs 27,600 per 10 grams - April 25th, 2013