Gold futures stepped higher on Friday, recovering a little from a four-session losing streak on the back of a weaker U.S. dollar, but the metal’s prices were still poised for their worst weekly loss since November.
Analysts attributed the move up to a retreat in the dollar, volatility linked to developments in the Ukraine-Russia conflict and the outcome of the U.S. Federal Reserve’s policy meeting this week, and some bargain hunters stepping in to buy on this week’s dip.
April gold was last up $7.20, or 0.5%, to $1,337.70 U.S. an ounce on the Comex division of the New York Mercantile Exchange. Based on the most-active contracts, prices were set for a loss of roughly 3% on the week, the largest weekly loss since the week ended Nov. 22.
May silver shed four cents, or 0.2%, to $20.39 U.S. an ounce, down about 4.8% for the week, which would be the biggest weekly loss since the week ended Sept. 13.
Despite gold’s loss for the week, it’s still one of this year’s best-performing investments, trading up 11% year to date after its 28% plunge in 2013. The S&P 500 index, by comparison, has gained more than 1% this year.
In other metals trading on Comex Friday, May high-grade copper tacked on three cents, or 1%, to $2.96 U.S. a pound, with prices up about 0.3% for the week.
April platinum added $2.20, or 0.2%, to $1,437 U.S. an ounce, but still down around 2.2% on the week. June palladium tacked on $18.45, or 2.4%, to $790.10 U.S. an ounce, trading 2.2% higher than the week-ago close.
