This past week started and ended in the red for precious metal Gold values. On
Monday, economic posts dropping revealed positive data. Personal income in
December rose more than economists had expected and the Chicago Purchasing
Managers' report on January manufacturing rose unexpectedly as well. Major
index composites went green during the afternoon but Gold price per ounce for
February contract was red by .51% and settled at $1,333.80 an ounce. Gold found
some footing on Tuesday and closed higher as did the majority of precious metals
on the market tracking board this day. On Tuesday, Gold for April contract
delivery was trending higher by .43% at $1,340.30. Silver for March delivery was
in the green by 1.22% at a floor price of $28.51 per ounce. Platinum for April
delivery was in the green by 1.78% and ended the session at $1,833 an ounce.
Copper floor price for March contract was higher by 1.98% at $4.55 per pound.
All values fell lower by Wednesdays session close. Less interest was being paid
to the safe haven asset Wednesday as positive posts kept index composites
trending green and the dollar gaining strength. Gold contract for April delivery
fell lower by .61% at $1,332.10 an ounce. Silver contract for March delivery
fell lower by .79% at $28.29 an ounce. Platinum contract for April delivery fell
lower by .24% at $1,828.60 an ounce. Copper contract for March delivery fell
lower by .07% at $4.54 per pound. The up and down week continued for precious
metal values on Thursday. Floor price for a majority of precious metals moved
into the green by the end of session close this day. Gold for April delivery
moved higher by 1.57% and finished the day at $1,353. Silver for March delivery
moved higher by 1.55% and settled the day at $28.73 an ounce. Platinum contract
for April delivery moved higher by .85% and finished off the session at
$1,844.10 an ounce. Copper contract for March delivery finished the day higher
by .01% with a floor price of $4.54 per pound. Mixed results summarized the last
day of this past trading week as Gold fell lower, but Silver and Copper moved
into the green. Gold contract for April delivery fell .30% and finished the day
at $1,349 an ounce. Silver contract for March delivery ended the session 1.15%
higher at $29.06 an ounce. Copper ended the session in the green by .77% at
$4.58 per pound for March contract delivery. Gold set up lower as we move into a
new trading week and if recovery interpretations are positive, gold demand will
be less. Author: Camillo Zucari
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