Commodities

Thursday,17 April,2014

Gold set for weekly loss
Gold futures traded mostly lower on Thursday, prices dipping below $1,300 U.S. an ounce as some upbeat U.S. economic data helped dull the safe-haven appeal of the precious metal.

Gold for June delivery fell $4.50, or 0.4%, to $1,299 U.S. an ounce on the Comex division of the New York Mercantile Exchange after tacking on 0.2% in the previous session. With trading on Comex closed for Good Friday, the metal was set to end the week with a loss of 1.5%.

May silver, meanwhile, edged down five cents, or 0.3%, to $19.59 U.S. an ounce, trading 1.8% lower on the week.

Gold prices lost more ground immediately after news that weekly jobless claims stuck to their lowest level since 2007, then slipped under $1,300 U.S. an ounce after a report showing that manufacturing in the Philadelphia region strengthened in April.

From here, analysts said gold traders will keep a close eye on the dollar and developments in Ukraine.

Dollar-denominated gold prices often trade inversely to the U.S. dollar. At last check, the ICE U.S. Dollar Index traded lower than a day earlier, but was set for a gain on the week.

Foreign ministers from Russia, Ukraine, the U.S. and European Union began talks in Geneva in an effort to ease tensions between Kiev and Moscow.

Meanwhile, Russian President Vladimir Putin accused the Ukrainian government of committing a "serious crime" by sending in troops to deal with unrest in eastern Ukraine, resulting in a clash that left three pro-Russian protesters dead and 13 wounded.

Back on Comex, May high-grade copper looked to extend gains from Wednesday, adding about a penny to $3.04 U.S. a pound. Prices were down about 0.1% on the week.

July platinum traded at $1,439.60 U.S. an ounce, up $1.80, or 0.1%, trading around 1.6% lower on the week, while June palladium inched down by $3.85, or 0.5%, to $798.45 U.S. an ounce, down about 1% for the week.

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