Dollar's sharp gains on yen pressured gold
Gold ends off, hit by firm dollar
Copper, aluminum stockpiles continue decline
Copper suffering its first weekly decline in four weeks
U.S. crude rose 3 percent to hit a four-week high above $76
Gold turned red after five consecutive weekly gains owing to better US economic data
and rising global equity markets. Gold has made a double top and resisted at a new two
month high of $1262 and a weekly low of $ 1237 to end at $ 1246. The shine of gold as
a safe haven became less in the later part of the week as it shred $ 11 on better than
expected US jobless claims data at 451K vs. 470K and lower US trade balance at
(-)42.88B. Gold consolidated this week as market waits for fresh momentum to climb
higher as it is in a tight range of $ 1260 - $ 1240. The world’s largest gold back ETF,
New York’s SDPR gold trust reported a drop in its holdings by 0.911 tonnes for second
consecutive weeks. Its now at 1,293.531 tonnes.
Copper settled at $ 340 ending the three consecutive weeks’ gains. Copper shred $ 8
after resisting at $351.88 and touched weekly low of $ 338. Base metals melt down
after as Chinese government clamps down on property speculation, shutters energy-
intensive factories and limits lending led by liquidation in Shanghai zinc where open
interest fell 10 percent. On an average, metals on LME slumped by 3 percent with rising
dollar against euro supported weak trend. The latest data of Chinese industrial
production came better than expected at 13.9% vs. 13.1% while its consumer prices
rose 3.5%. This economic data may support the falling copper in the coming week.
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