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MTECHTIPS;-Gold / Silver / Copper futures – weekly outlook: February 20 – 24
Monday, February 20, 2017 2:07
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MTECHTIPS;-Gold / Silver / Copper futures – weekly outlook: February 20 – 24
MTECHTIPS- Gold prices fell on Friday as the stronger dollar outweighed concerns about uncertainty surrounding U.S. policy and upcoming elections in Europe. Gold for February delivery settled down 0.46% at $1,235.85 on the Comex division of the New York Mercantile Exchange. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.44% to 100.89 late Friday, reversing Thursday’s 0.72% drop and leaving it up 0.16% for the week. A strong dollar is typically bearish for gold, which is denominated in dollars and struggles to compete with yield-bearing assets when borrowing costs rise. The precious metal still notched up a weekly gain of 0.35% as uncertainty over the policies of U.S. President Donald Trump spurred safe haven demand for bullion. Elsewhere in precious metals trading, silver was at $17.97 a troy ounce late Friday, and ended the week with gains of 0.25%. Copper was down 0.39% at $2.708 a pound and ended the week down 2.55% amid profit taking, but prices looked set to remain supported amid concerns over supply disruptions. A strike at BHP Billiton (LON:BLT)’s Escondida in Chile, the world’s largest copper mine, has boosted sentiment as has an output halt at Freeport-Moran’s giant Grasberg mine in Indonesia.
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