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MTECHTIPS;-Gold / Silver / Copper Prices - Weekly Outlook: February 11 - 15

Monday, February 11, 2019 1:28

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MTECHTIPS;-Gold / Silver / Copper Prices – Weekly Outlook: February 11 – 15

MTECHTIPS-This week precious metals traders will be monitoring U.S. economic data for its impact on the greenback, one of the biggest drivers for gold, after concerns over the gloomy global economic outlook boosted the dollar on Friday and saw gold post its first weekly decline in three.Gold futures settled up 0.32% at $1,318.35 on the Comex division of the New York Mercantile Exchange late Friday. For the week prices slid 0.27%, snapping two weeks of gains. “With equities a little lower here, we’re getting some flight to safety in gold,” said Bob Haberdasher, senior market strategist at RJO Futures. “The fact that the U.S. economy is not seeing weak data like the euro zone is supportive of the dollar. If the dollar was a little weaker today, gold would probably be up $7 or $8, instead of $3.” The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was up 0.13% at 96.41 late Friday. For the week, the index gained 1.17%, its biggest weekly increase since a 1.23% jump in the week of May 13, 2018. Gold is often sensitive to movements in the dollar. A stronger greenback is seen as a headwind for commodities priced in dollars as it makes them more expensive to holders of other currencies. Elsewhere in metals trading, silver was up 0.73% to $15.82 a troy ounce, while copper ended at $2.813, off 0.55% for the day. Ahead of the coming week, www.mtechtips.com has compiled a list of significant events likely to affect the markets

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