MTECHTIPS;-Gold / Silver / Copper futures – weekly outlook: June 12 –

MTECHTIPS;-Gold / Silver / Copper futures – weekly outlook: June 12 – 16

MTECHTIPS-Gold prices fell for a third day on Friday as the stronger dollar weighed after British elections failed to deliver a clear majority for Prime Minister Theresa May, sending sterling sharply lower. Gold for August delivery closed down 0.79% at $1,269.45 on the Comex division of the New York Mercantile Exchange. For the week, the precious metal was down 0.69%, the first weekly percentage decline in five weeks. The shock UK election result added to political risks surrounding the upcoming Brexit negotiations, due to start on June 19, sending sterling tumbling. That, along with a drop in the euro, pushed the dollar higher against a basket of the other major currencies. The U.S. dollar index was up 0.3% to 97.24 late Friday after touching an almost two-week high of 97.47 earlier. Gold and the dollar typically move in opposite directions, which means if the dollar goes down, gold futures, which are denominated in the U.S. currency, will rise. The dollar index plumbed seven-month lows earlier in the week amid caution ahead of former FBI Director James Comey’s testimony and the UK election. On Thursday, Comey accused President Donald Trump of firing him in a bid to undermine a probe into Russia’s alleged involvement in the U.S. presidential election, but did not say whether he thought the president attempted to obstruct justice. Elsewhere in precious metals trading, silver fell 1.46% to $17.15 a troy ounce late Friday. Meanwhile, copper was up 1.4% to $2.646 a pound and rallied around 3% for the week after severe weather hit some mines in South America and labor issues re-emerged in Indonesia, fuelling fears over supply disruptions
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