MTECHTIPS;-Gold / Silver / Copper Prices – Weekly Outlook: April 30 -May 4

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MTECHTIPS;-Gold / Silver / Copper Prices – Weekly Outlook: April 30 – May 4

MTECHTIPS-Gold futures for June delivery settled up $6.50 or 0.49% at $1,324.40 on the Comex division of the New York Mercantile Exchange. For the week, prices were down 0.92%, for a second consecutive weekly decline. Gold clawed higher after data on Friday showed that the U.S. economy slowed in the first quarter, but this was offset by an increase in wage growth. The dollar eased from three-and-a-half month highs against a currency basket following the report, with the U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, dipping 0.09% to 91.31 in late trade. The index still ended the week up 1.37%, its largest weekly percentage gain since early February. The dollar was boosted after the yield on 10-year U.S. Treasury notes rose above 3% for the first time since 2014 last week, amid rising inflation expectations. A stronger U.S. currency makes dollar denominated gold more expensive for overseas buyers, while higher Treasury yields tend to make gold, which does not pay interest, less attractive to yield seeking investors. Elsewhere in precious metals trading, silver futures settled down 0.13% at $16.47 a troy ounce, for a weekly decline of 3.95%. Platinum futures settled at $916.80, up 0.74% for the day, for a weekly loss of 1.36%. Among base metals, copper fell 1.99% to $3.051 in late trade for a weekly drop of 2.56%. Ahead of the coming week, www.mtechtips.com has compiled a list of significant events likely to affect the markets

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