Gold futures were on track Friday for a fifth straight gain as geopolitical jitters ahead of Crimea’s referendum, a weaker dollar and lackluster demand for U.S. equities helped position gold prices for a gain of more 3% on the week.
Gold for April delivery rose another $12.20, or 0.9%, to $1,384.60 U.S. an ounce on the Comex division of the New York Mercantile Exchange, holding ground at the highest settlement level for a most-active contract since early September. For the week, prices were set for a gain of around 3.5%.
May silver added 44 cents, or 2.1%, to $21.64 U.S. an ounce, with prices based on the most-active contracts up about 3.4% from a week ago.
Data Friday also showed that U.S. consumer sentiment declined to an early March reading of 79.9, the lowest reading since November.
One expert said if the situation in Ukraine results in unrest or rioting, gold prices would breach $1,400 U.S. But "if the Ukrainian situation either resolves itself in the coming days or stabilizes to the current standoff and does not further escalate, gold could sell off quickly — returning towards $1,300 U.S. an ounce."
Elsewhere in metals trading, May copper rose more than two cents, or 0.8%, to $2.95 U.S. a pound. Copper has been hammered on concerns over a China slowdown and remains down nearly 4.5% on the week and more than 13% so far this year.
April platinum fell back by $5.50 or 0.4%, to $1,473.90 U.S. an ounce, down around 0.7% for the week, while palladium for June delivery shed $3.40, or 0.4%, to $775.55 U.S. an ounce, set to lose 0.8% on the week.
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