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.