MTECHTIPS:-Gold / Silver / Copper futures - weekly outlook: January 25 - 29
Gold prices inched lower on Friday, as sharp gains in global equity markets and a broadly stronger U.S. dollar dampened the appeal of the yellow metal. Expectations of fresh central bank stimulus in Europe and Japan bolstered sentiment in global financial markets on Friday. Global stocks strengthened after major declines since the start of the year and oil prices rebounded 10%, one of the largest daily rallies ever. Meanwhile, the , which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.46% to 99.60 on Friday, just below Thursday’s more than one-month highs of 99.79. The index ended the week with modest gains of 0.64%. for February delivery on the Comex division of the New York Mercantile Exchange shed $1.90, or 0.17%, to close the week at $1,096.30 a troy ounce. Despite Friday’s losses, gold prices rose $7.40, or 0.52%, on the week. Prices of the precious metal are almost 4% so far this year as many investors sought refuge from turmoil in global equity markets. Also on the Comex, for March delivery dipped 3.7 cents, or 0.26%, on Friday to settle at $14.05 a troy ounce. On the week, silver futures tacked on 13.7 cents, or 1.16%. Elsewhere in metals trading, for March delivery eased up 0.6 cents, or 0.3%, to settle the week at $2.002 a pound on Friday. Copper tumbled to a seven-year low of $1.935 on Monday.
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