ETF Outflows Take Shine Off Gold, Iron Ore Set To Average Above $100 In 2020

By Glenn Dyer | More Articles by Glenn Dyer

Gold futures rose on Friday but ended with a loss for the week after another weak trading week for gold prices. December gold climbed by $US10.90, or 0.6%, to settle at $US1,872.40 an ounce.

Prices fell by 0.7% from the previous Friday. Gold dipped to $US1,869 an ounce in after-hours trading.

Traders reported big outflow from gold ETFs, which saw selling pressures on the metal.

The coming week will be shorted to three days, effectively because of Thanksgiving on Thursday in the US and then the near holiday and Black Friday which is when all the big retail sales start.

While markets will be open, volumes will be low and many people are taking a long weekend.

The star last week was copper – Comex prices ended at $US3.26 a pound, the highest for a couple of years, up 3.5% for the week. They rose another 3 cents a pound in after-hours trading.

Earlier in the day, LME copper closed at $US7,2377.50 a tonne, the highest since June 2018.

That was up 4.2% for the week.

Meanwhile, iron ore prices ended the week around 2020 highs at $US128.83 a tonne for 62% fines delivered to northern China. That’s up around 5.2% for the week.

Iron ore prices will now average $US100 a tonne (or a bit more) for 2020 – the first time that has happened since 2013.

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.

View more articles by Glenn Dyer →