Gold, silver slip from recent highs; but set for weekly gains
Gold slipped from a five-week high and silver traded below its 11-month peak on Friday as the dollar strengthened against the euro, but the metals were headed for weekly gains buoyed by a rally commodities.
FUNDAMENTALS
* Spot gold XAU= eased 0.2 percent to $1,246.20 an ounce by 0042 GMT. Gold hit a five-week high of $1,270.10 on Thursday, but pared some gains after the dollar regained ground versus the euro.
* The euro reversed course to trade lower against the dollar on Thursday after traders saw potential for the European Central Bank to eventually increase its stimulus measures if necessary. [USD/]
* For the week gold has gained 1 percent, largely on the back of silver’s near-5-percent rally this week.
* Spot silver XAG= hit an 11-month peak of $17.695 on Thursday although it also later pared gains on dollar strength.
* Silver’s rally has been spurred by a break above key chart resistance and optimism over China, where recent data has showed new debt fuelling a recovery in factory activity, investment and household spending.
* Other metals used in manufacturing have also risen on hopes of Chinese demand. Copper jumped to a four-week high, while steel soared to a 19-month top on Thursday.
* The 19-market Thomson Reuters Core Commodity Index .TRJCRB climbed to a 4-1/2-month high on Thursday before a sell-off.
* Among other precious metals, platinum XPT= was set to log its best week in seven with a 4 percent rise. It had climbed to a 9-1/2-month high of $1,043.72 an ounce on Thursday.
* Palladium XPD= was poised for a weekly rise of 7 percent, after climbing to its highest since November on Thursday.
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).