Investing - Gold futures ended Fridays session modestly lower, although prices held above the key $1,200-level amid ongoing speculation over the timing of a rate hike in the U.S. Gold / Silver / Copper futures - weekly outlook: October 13 - 17Gold ends the week up 2.3% On the Comex division of the New York Mercantile Exchange, gold for December delivery lost $3.60, or 0.29%, to settle at $1,221.70 a troy ounce by close of trade. A day earlier, gold rallied to $1,234.00, the most since September 23, before ending at $1,225.30, up $19.30, or 1.6%. For the week, Comex gold prices rose $28.80, or 2.35%, the first weekly gain in six weeks. Futures were likely to find support at $1,183.30, the low from October 6, and resistance at $1,237.00, the high from September 23. Gold prices strengthened after the minutes of the Federal Reserve’s September meeting released Wednesday showed that some officials were concerned over the impact of the stronger dollar on global growth and the outlook for U.S. inflation. Some participants expressed concern that the persistent shortfall of economic growth and inflation in the euro area could lead to a further appreciation of the dollar and have adverse effects on the U.S. external sector, the minutes said. The US Dollar Index, which tracks the performance of the greenback against a basket of six major currencies, ended the week down 1% at 85.92. The move ended a 12-week rally that saw the index gain more than 8% since early July. Dollar weakness usually benefits gold, as it boosts the metals appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies. In the week ahead, investors will be awaiting U.S. data on retail sales and industrial production for fresh signals on the strength of the economic recovery. Recent indications that the recovery is gaining momentum have fuelled expectations that the Fed will begin to raise rates sooner and faster than previously thought. Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise. Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers decreased their bullish bets in gold futures in the week ending October 7. Net longs totaled 37,275 contracts, down 1.2% from net longs of 37,743 in the preceding week. Also on the Comex, silver for December delivery shed 11.5 cents, or 0.66%, on Friday to settle the week at $17.30 a troy ounce by close of trade. On the week, the December silver futures contract advanced 48.0 cents, or 2.77%, the first weekly gain in six weeks. Data from the CFTC showed that net silver shorts totaled 7,071 contracts as of last week, compared to net shorts of 6,073 contracts in the preceding week. Elsewhere in metals trading, copper for December delivery tacked on 0.5 cents, or 0.17%, on Friday to end the week at $3.035 a pound by close of trade. Comex copper prices rose 3.7 cents, or 1.21%, on the week. According to the CFTC, net copper shorts totaled 21,249 contracts as of last week, compared to net shorts of 21,438 contracts in the preceding week. 0 inShare Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data . Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Related Articles NYMEX crude oil down in Asia as Iraq cuts prices as OPEC wrangles By Investing - Oct 12, 2014 Gold prices gain in early Asia on uncertainty over next Fed move By Investing - Oct 12, 2014 Natural gas futures - weekly outlook: October 13 - 17 By Investing - Oct 12, 2014 Add a CommentComment Guidelines Find A Broker ForexCFDsBinary OptionsAuto TradingMobile TradingStocksCommodities IndicesCommoditiesForexBonds 04:00 04:30 05:00 05:30 06:00 06:30 1,890.00 1,885.00 1,895.00 Investing (GMT +5.5) 1,886.15 CFDs Quotes S&P 500 Futures 1,886.15 -8.10 -0.43% NQ 100 Futures 3,837.40 -15.60 -0.40% Dow 30 16,544.10 -115.15 -0.69% DAX 8,788.81 -216.21 -2.40% FTSE 100 6,339.97 -91.88 -1.43% Nikkei 225 15,300.55 -178.38 -1.15% US Dollar Index 85.68 +0.02 +0.02% Most Popular News Forex - EUR/USD weekly outlook: October 13 - 17 Forex - EUR/USD weekly outlook: October 13 - 17 By Investing - Oct 12, 2014 Forex - Japanese yen gains in early Asia in thin trade, China data ahead Forex - Japanese yen gains in early Asia in thin trade, China data ... By Investing - Oct 12, 2014 Gold / Silver / Copper futures - weekly outlook: October 13 - 17 Gold / Silver / Copper futures - weekly outlook: October 13 - 17 By Investing - Oct 12, 2014 NYMEX crude oil down in Asia as Iraq cuts prices as OPEC wrangles NYMEX crude oil down in Asia as Iraq cuts prices as OPEC wrangles By Investing - Oct 12, 2014 Natural gas futures - weekly outlook: October 13 - 17 Natural gas futures - weekly outlook: October 13 - 17 By Investing - Oct 12, 2014 Connect to Investing Investing - Gold futures ended Fridays session modestly lower, although prices held above the key $1,200-level amid ongoing speculation over the timing of a rate hike in the U.S. Gold / Silver / Copper futures - weekly outlook: October 13 - 17Gold ends the week up 2.3% On the Comex division of the New York Mercantile Exchange, gold for December delivery lost $3.60, or 0.29%, to settle at $1,221.70 a troy ounce by close of trade. A day earlier, gold rallied to $1,234.00, the most since September 23, before ending at $1,225.30, up $19.30, or 1.6%. For the week, Comex gold prices rose $28.80, or 2.35%, the first weekly gain in six weeks. Futures were likely to find support at $1,183.30, the low from October 6, and resistance at $1,237.00, the high from September 23. Gold prices strengthened after the minutes of the Federal Reserve’s September meeting released Wednesday showed that some officials were concerned over the impact of the stronger dollar on global growth and the outlook for U.S. inflation. Some participants expressed concern that the persistent shortfall of economic growth and inflation in the euro area could lead to a further appreciation of the dollar and have adverse effects on the U.S. external sector, the minutes said. The US Dollar Index, which tracks the performance of the greenback against a basket of six major currencies, ended the week down 1% at 85.92. The move ended a 12-week rally that saw the index gain more than 8% since early July. Dollar weakness usually benefits gold, as it boosts the metals appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies. In the week ahead, investors will be awaiting U.S. data on retail sales and industrial production for fresh signals on the strength of the economic recovery. Recent indications that the recovery is gaining momentum have fuelled expectations that the Fed will begin to raise rates sooner and faster than previously thought. Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise. Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers decreased their bullish bets in gold futures in the week ending October 7. Net longs totaled 37,275 contracts, down 1.2% from net longs of 37,743 in the preceding week. Also on the Comex, silver for December delivery shed 11.5 cents, or 0.66%, on Friday to settle the week at $17.30 a troy ounce by close of trade. On the week, the December silver futures contract advanced 48.0 cents, or 2.77%, the first weekly gain in six weeks. Data from the CFTC showed that net silver shorts totaled 7,071 contracts as of last week, compared to net shorts of 6,073 contracts in the preceding week. Elsewhere in metals trading, copper for December delivery tacked on 0.5 cents, or 0.17%, on Friday to end the week at $3.035 a pound by close of trade. Comex copper prices rose 3.7 cents, or 1.21%, on the week. According to the CFTC, net copper shorts totaled 21,249 contracts as of last week, compared to net shorts of 21,438 contracts in the preceding week. 0 inShare Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data . Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Related Articles NYMEX crude oil down in Asia as Iraq cuts prices as OPEC wrangles By Investing - Oct 12, 2014 Gold prices gain in early Asia on uncertainty over next Fed move By Investing - Oct 12, 2014 Natural gas futures - weekly outlook: October 13 - 17 By Investing - Oct 12, 2014 Add a CommentComment Guidelines Find A Broker ForexCFDsBinary OptionsAuto TradingMobile TradingStocksCommodities IndicesCommoditiesForexBonds 04:00 04:30 05:00 05:30 06:00 06:30 1,890.00 1,885.00 1,895.00 Investing (GMT +5.5) 1,886.15 CFDs Quotes S&P 500 Futures 1,886.15 -8.10 -0.43% NQ 100 Futures 3,837.40 -15.60 -0.40% Dow 30 16,544.10 -115.15 -0.69% DAX 8,788.81 -216.21 -2.40% FTSE 100 6,339.97 -91.88 -1.43% Nikkei 225 15,300.55 -178.38 -1.15% US Dollar Index 85.68 +0.02 +0.02% Most Popular News Forex - EUR/USD weekly outlook: October 13 - 17 Forex - EUR/USD weekly outlook: October 13 - 17 By Investing - Oct 12, 2014 Forex - Japanese yen gains in early Asia in thin trade, China data ahead Forex - Japanese yen gains in early Asia in thin trade, China data ... By Investing - Oct 12, 2014 Gold / Silver / Copper futures - weekly outlook: October 13 - 17 Gold / Silver / Copper futures - weekly outlook: October 13 - 17 By Investing - Oct 12, 2014 NYMEX crude oil down in Asia as Iraq cuts prices as OPEC wrangles NYMEX crude oil down in Asia as Iraq cuts prices as OPEC wrangles By Investing - Oct 12, 2014 Natural gas futures - weekly outlook: October 13 - 17 Natural gas futures - weekly outlook: October 13 - 17 By Investing - Oct 12, 2014 Connect to Investing
Posted on: Mon, 13 Oct 2014 01:13:28 +0000
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