US gold futures had another off trading week, and finished Friday at their lowest levels since February, for the fifth weekly loss in a row.
The almost certainty of a rate rise from this week’s meeting of the Fed didn’t help, nor did the continuing Trump boomlet in sharemarkets, plus the rising yields on bonds, and a stronger greenback.
Traders have now switched their attention to the December 13-14 of the Federal Reserve, and the post meeting statement which will be examined for clues to the possible path of rates next year.
All this is not good for a stable gold price. And as a result, Comex gold February delivery dropped $US10.50, or 0.9%, to settle at $US1,161.90 an ounce in New York on Friday night.
It was the lowest finish since early February, and Comex gold futures lost roughly 1.1% for the week, according to FactSet. That was the fifth losing week in a row and the longest stretch of consecutive weekly losses this year.
In other trading, Comex March silver ended at $US16.967 an ounce, down 12.9 cents, or 0.8%. Thanks to a big gain midweek, silver out performed gold and ended the week up around 1.3%.
And March Comex copper rose 2.2 cents, or 0.8%, to $US2.648 a pound on Friday, ending up about 0.9% over the week.
The Chinese trade data was bullish for copper as it showed a solid rebound in demand and tomorrow’s production and investment data for last month should add to the positive sentiment as we approach the end of the year.
