Gold / Silver / Copper futures - weekly outlook: April 21 - 25

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Investing.com - Gold prices ended the week sharply lower on Thursday, falling below the $1,300 level as indications that the U.S. economic recovery is progressing dampened safe haven demand for the precious metal.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery ended Thursday's session at $1,294.90 an ounce. The precious metal ended the week down 2.34%. The Comex was closed for Good Friday.

Gold came under pressure after upbeat U.S. data on manufacturing and employment pointed to underlying strength in the economy.

The Labor Department reported the number of people filing for unemployment benefits edged up to 304,000, below analysts' forecasts and not far from the six-and-a-half year low of 300,000 touched the previous week.

A separate report showed that manufacturing activity in the Philadelphia region strengthened more than forecast in April.

Meanwhile, concerns over the crisis in eastern Ukraine eased on Thursday after Russia, Ukraine, the U.S. and the European Union said an agreement on steps to "de-escalate" the crisis had been reached.

Gold, seen as a safe haven investment, usually benefits from economic and geopolitical turmoil.

Concerns over weakening demand from top buyer China also weighed on gold prices .

Prices for the precious metal posted the largest one day decline since December 19 on Tuesday after the World Gold Council said that Chinese gold demand is likely to remain flat this year, as a result of the country's economic slowdown and constrained credit markets.

Elsewhere in metals trading, silver futures for May delivery rose 0.2% to $19.64 a troy ounce on the Comex, trimming the week's losses to 1.59%.

Copper futures for May delivery edged up to $3.049 a pound at the close on Thursday, to end the holiday shortened week with gains of 0.24%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

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