Profile image
Story Views

Last Hour:
Last 24 Hours:

Gold, silver slip from recent highs; but set for weekly gains

Thursday, April 21, 2016 21:22
% of readers think this story is Fact. Add your two cents.

(Before It's News)

Gold slipped from a five-week high and silver traded below its 11-month peak on Friday as the dollar strengthened against the euro, but the metals were headed for weekly gains buoyed by a rally commodities.



* Spot gold XAU= eased 0.2 percent to $1,246.20 an ounce by 0042 GMT. Gold hit a five-week high of $1,270.10 on Thursday, but pared some gains after the dollar regained ground versus the euro.

* The euro reversed course to trade lower against the dollar on Thursday after traders saw potential for the European Central Bank to eventually increase its stimulus measures if necessary. [USD/]

* For the week gold has gained 1 percent, largely on the back of silver’s near-5-percent rally this week.

* Spot silver XAG= hit an 11-month peak of $17.695 on Thursday although it also later pared gains on dollar strength.

* Silver’s rally has been spurred by a break above key chart resistance and optimism over China, where recent data has showed new debt fuelling a recovery in factory activity, investment and household spending.

* Other metals used in manufacturing have also risen on hopes of Chinese demand. Copper jumped to a four-week high, while steel soared to a 19-month top on Thursday.

* The 19-market Thomson Reuters Core Commodity Index .TRJCRB climbed to a 4-1/2-month high on Thursday before a sell-off.

* Among other precious metals, platinum XPT= was set to log its best week in seven with a 4 percent rise. It had climbed to a 9-1/2-month high of $1,043.72 an ounce on Thursday.

* Palladium XPD= was poised for a weekly rise of 7 percent, after climbing to its highest since November on Thursday.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.