Gold, Silver Steady As Shares Swing

By Glenn Dyer | More Articles by Glenn Dyer

Gold and silver futures ended with modest losses on Friday, but had weekly gains thanks to renewed safe-haven demand on the back of trade-war worries.

Comex gold for June delivery fell $US1.80, or 0.1%, to settle at $US1,283.60 an ounce, while July silver lost 5.8 cents, or 0.4%, to $US14.555 an ounce.

That saw gold enjoy a 0.6% weekly rise, after Thursday’s rally, while July silver added 1.2% for the week.

Both metals remain down for the month so far with gold off 0.2% and silver down 2.9%.

In other metals trade, July platinum rose $US3.40, or 0.4%, to $US802.90 an ounce, but a weekly loss of 2.1%, while June palladium added $US17.90, or 1.4%, to $US1,325.70 an ounce, for a gain of 1.5% on the week.

Comex July copper rose 1.9 cents, or 0.7%, to $US2.700 a pound, paring its weekly loss to 1.4%.

In London, LME nickel hit its highest level in over two weeks on Friday as bearish investors covered positions, while other industrial metals gained on a weaker dollar and those ‘hopes’ for a US-China trade deal.

Reuters reported that three-month nickel on the London Metal Exchange surged nearly $US500 in about 10 minutes in the morning, spurred by Chinese investors covering short positions, traders said, continuing the rally in the afternoon.

That sent nickel surging 5% to a peak of $US12,495 a tonne, the highest since April 30, before easing to $US12,370, for a rise of 4%.

Three-month LME copper climbed 0.5% to finish at $US5,955 a tonne, but like Comex copper, lost ground over the week.

LME zinc climbed 1.6% to end at $2US,560 a tonne.

Glenn Dyer

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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