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

MTECHTIPS;-Gold / Silver / Copper futures – weekly outlook: August 21 – 25

MTECHTIPS- Gold prices retreated on Friday after surging to their highest level in nine months earlier on the back of concerns over U.S. political uncertainty and amid safe haven buying in the wake of a terrorist attack in Spain. Gold futures for December delivery settled down 0.16% at $1,290.27 on the Comex division of the New York Mercantile Exchange, after rising as high as $1,306.9 earlier, the highest level since November 11. The precious metal reversed course after reports that senior White House advisory Steven Bannon was leaving his post, in what was seen as a positive for the Trump administration’s agenda. Ongoing uncertainty over the economic agenda of U.S. President Donald Trump and doubts that the Fed will deliver a third rate hike this year have been factors underpinning gold demand. Gold prices have risen around 11% this year due in large part to the weaker dollar. The dollar surged to 14-year highs after Trump’s November election on hopes that his plans for fiscal stimulus and tax reform would bolster the economy. The dollar has since given up its post-election gains amid mounting concerns about the administration’s ability to deliver on its agenda. A weaker U.S. currency makes the dollar-denominated metal cheaper for foreign buyers. Gold prices rose above the $1,300 level earlier Friday, a key psychological barrier for many investors, after a terrorist attack killed at least 13 people in Barcelona. Elsewhere in precious metals trading, silver was at $16.98 a troy ounce late Friday, while platinum settled at $981.75 and palladium slid 0.14% to $924.85 a troy ounce. Among base metals, copper ended at $2.94 a pound, after closing at the highest level since November 2014 on Wednesday amid expectations that ongoing demand from China will continue to support prices

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