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

MTECHTIPS;-Gold / Silver / Copper futures – weekly outlook: August 14 – 18

MTECHTIPS-Gold prices rose to a two-month high on Friday following a weaker-than-expected U.S. inflation report that investors worried would delay plans for another interest rate hike by the Federal Reserve this year. Gold futures for December delivery settled up 0.38% at $1,295.00 on the Comex division of the New York Mercantile Exchange, the highest close since June 6. A Labor Department report showed that U.S. consumer prices edged up 0.1% in July from the prior month, bringing the annual increase in the consumer price index to 1.2%. The data was the latest in a string of weak inflation readings that investors worry will make the Fed more cautious about plans for a third rate hike this year. Futures traders are pricing in about a 35% chance of another rate hike by December, according to Investing.com’s Fed Rate Monitor Tool. Gold is highly sensitive to rising rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar, in which it is priced. Demand for the precious metal was also underpinned by increased safe haven demand amid heightened geopolitical tensions between the U.S. and North Korea. Elsewhere in precious metals trading, silver was at $17.07 a troy ounce late Friday, after hitting $17.24 in the previous session, its highest since June 14. For the week, silver was up 5.24%, the largest weekly percentage gain since July 2016. Platinum was up 0.19% to $987.8 a troy ounce after rising to $995.55 earlier, the most since March 2. It was up 2.23% for the week. Palladium slid 0.34% to $894.02 a troy ounce to end the week up 2.27%. Meanwhile, copper climbed 0.41% to $2.91 a pound to end the week with a gain of 1.01%. The industrial metal has been boosted in recent weeks from improved demand prospects from China and the country’s potential ban on scrap imports.

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