RPT - Gold futures close down 10 usd for the week
Sunday, August 29, 2004 1:50:35 PM
afxpress.com
fxstreet.com
(Repeating for technical reasons)
SAN FRANCISCO (AFX) - Gold futures closed lower Friday, tallying a loss of more than 10 usd for the week as traders eyed fresh economic signals to gauge what the precious metal's next move might be
The US economy slowed in the second quarter of the year, growing at a 2.8 pct annual rate after a growth spurt in the previous four quarters, the Commerce Department reported. The revised gross domestic product data came in as expected, prompting mixed trading in the dollar. Gold is often seen as a hedge against losses in the currency and other financial markets. Metals traders found little to chew on in Alan Greenspan's speech to a conference of central bankers in Jackson Hole, Wyoming, on Friday. Against this backdrop, gold for December delivery closed at 405.40 usd an ounce on the New York Mercantile Exchange, down $4.20 for the session, and down 10.10 an ounce, or 2.4 pct, for the week. A week ago, the contract closed at a four-month high of 415.50 usd
There have been "some dips and rolls here and there, but the yellow metal is on a tear, and look for new buying to come ... next week," said Kevin Kerr, a senior trader at Kwest International
Taking a look at the bigger picture for gold, James Moore, an analyst at TheBullionDesk.com, said in a note to clients Friday that "the mixture of good physical offtake, high oil prices, and safe-haven caution ahead of the 9-11 anniversary, and [the] US presidential elections should continue to provide support in front of 400 usd, while profit taking slows upward progress from 410 to 415 usd." December silver also fell, sinking 9 cents to close at 6.627 usd an ounce, but December copper closed at 1.2595 usd per pound, up 0.9 cents. October platinum added 9.10 usd to end at 864.50 usd an ounce, while the September contract for sister metal palladium fell 75 cents to close at 215 usd per ounce. Tracking inventories, copper supplies were down 1,167 short tons at 64,716 short tons as of late Thursday, according to Nymex. Silver stocks were down 234,259 troy ounces at 109.3 mln, while gold inventories stood at 4.82 mln troy ounces, up 224,250 troy ounces from the previous day
In equities, key metals mining indexes closed higher for session, but still logged a loss for the week
The Philadelphia Gold and Silver Index closed up 1.1 pct at 94.37. It was down 1.5 pct for the week. The CBOE Gold Index gained 1.2 pct to close at 83.29. It ended the week with a 1.9 pct loss
Among the biggest gainers for the day, shares of Vancouver-based Placer Dome Gold climbed 2.1 pct and New Orleans-based Freeport-McMoran Copper and Gold's stock was up 1.9 pct
The Amex Gold Bugs Index closed at 205,32, up 1.1 pct, down 2 pct for the week. For more information and to contact AFX: www.afxnews.com and www.afxpress.com |
