Gold and Silver finish the week higher
US Gold futures posted gains Friday, rising for the 1st time in 4 sessions after getting some support from a slide in the USD, and as data showed China's economy slowed in line with expectations in Q-2.
Gold for Aug delivery rose 26.70 or 1.7%, to finish at 1,592 oz on the Comex division of the New York Merc Friday, Gold's best finish in about a week.
On the week: Gold rose 0.8%.
The precious Yellow metal was under pressure earlier in the week after minutes of the US Federal Reserve's latest interest rate-setting meeting did not send strong signals that the US central bank is set for another round of monetary easing (QE-3)
A stronger USD had also weighed on the precious metal for most of this week, but the ICE dollar index DXY -0.27% turned lower Friday. The index recently reached 83.366, retreating from 83.666 in late North American trading Thursday.
Across the wider metals complex: Sept Silver futures rose 0.21, or 0.8%, to 27.37 oz.
On the week: Silver gained 1.7%.
Sept Copper added 0.09, or 2.6%, to 3.50 lb.
On the week: Copper rose 2.6%.
China is a top consumer of Copper.
Oct Platinum gained 22.70, or 1.6%, to 1,435.20 oz, Sept Palladium rose 10.85, or 1.9%, to 585.65 oz.
Platinum lost ground on the week, off 1%. Palladium gained 0.9% in the 5-day period.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.