Gold futures climbed back above $1,400 U.S. an ounce on Friday, finding support from strength in physical demand for the metal after a tumultuous week that’s ready to end with a loss of nearly 7% in prices.
Gold for June delivery rose $9.70, or 0.7%, to $1,402.20 U.S. an ounce on the Comex division of the New York Mercantile Exchange.
The talk of demand for physical gold has been growing since the selloff in gold futures last Friday and on Monday, which drew more than $200 U.S. an ounce away from the precious metal’s prices.
May silver tacked on 12 cents, or 0.5%, to $23.37 U.S. an ounce, after Thursday’s modest loss of 0.3%. Prices traded about 11% lower for the week.
Commerzbank analysts, citing data from the U.S. Mint, said that 153,000 ounces of U.S. gold coins have been sold since the month began.
The gold market will also look to data from the Commitments of Traders report due out later Friday from the U.S. Commodity Futures Trading Commission.
For copper, demand remained a big worry for traders, who dragged the price lower after Thursday’s modest climb.
May copper futures was down nine cents, or 2.9%, at $3.11 U.S. a pound. Prices are trading about 7% lower than last Friday’s close.
Analysts say they expect base-metals prices to "bounce" in the second quarter and favour selling rallies.
July platinum futures also fell by $3.60, or 0.3%, to $1,425.40 U.S. an ounce but palladium for June delivery rose $6.85, or 1%, to $676.65 U.S. an ounce. Both metals were set for losses of more than 4% on the week.
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