Gold And Silver Finish The Week On Low Notes , Energy Rose
- Apr Gold spent Friday pit trade in the Red, dipping to a session low of 1285.90 at the open posting a session high at 1296.50, and retreated back to Red finishing 0.1% lower at 1293.90 oz, for a 3.1% loss on the week.
- May Silver posted a session high at 19.89 coming off its session low of 19.66 set early, finishing + 0.4% higher at 19.78 oz, for a 2.6% loss on the week.
- May Crude Oil pulled back from its session high at 102.24 set in the morning, but held in positive territory. It marked a session low at 101.40 and finished at 101.67 bbl, +0.4% . Friday’s move brought gains on the week to 2.2%.
- May Nat Gas touched a session high at 4.56 per MMBtu at the open but faded to Red, it finished 1.1% lower on its session low at 4.48 per MMBtu. Despite Friday’s loss, Nat Gas gained 4.2% on the week.
US Gold prices are 100 off their highs from 2 wks ago, Gold market analysts say they are watching charts to see how the precious Yellow metal looks next week and whether or not the fall in prices triggers any physical demand.
Jun Gold futures fell Friday, settling at 1,293.80 oz on the Comex division of the New York Merc, down 3.2% on the week.
May Silver rose Friday, settling at 19.790 oz, down 2.6% on the week.
The Gold Survey: out of 33 participants, 22 responded this week, 6 see prices up Bullish, 12 see prices Bearish and 4 see prices trading sideways Neutral. Participants include bullion dealers, investment banks, futures traders and chart analysts.
Gold prices fell on the week, continuing selloff as regional Federal Reserve presidents made no attempt to soften the comments made earlier in the month by Fed Chair Janet Yellen, that interest rates could rise about 6 months after the Fed ends it QE-3 program.
Tensions between Russia and Ukraine have cooled, giving the Gold Bulls little geopolitical news to support safe-haven positions.
Participants want to see how physical demand responds to the price cut. Chinese demand cooled off ever since the end of the Lunar New Year, as seen in the Shanghai Gold Exchange price sometimes trading at a discount to spot. With prices under 1,300, it may trigger some shopping and that could keep a floor under prices.
|COMEX Gold Continuous Contract|
|Last||1294.5||Change||+ 3.1||Change %||+0.2%|
Last Updated: 28 March 21:30 GMT
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