Economic news

Gold on Track for Longest Skid in More Than 2 Months

Gold put a lid on gains on Friday, heading for the biggest losing skid for a period of more than 2 months after the recent U.S. employment report supported to trigger a rally in equities, shifting away from so-called safe-haven assets, as Middle East tensions faded.

gold rates stay afloatPhoto: Flickr

The demand for gold eased, but the precious metal manages to stay afloat on Friday, at trading start in U.S. February gold futures added only 0.04 percent on Comex, to touch $1,554 per troy ounce at 1517 GMT after dropping 0.4 percent in the previous session. A third decline on early Friday would mark its longest series of losses since a 4-session decrease ended on November 12, according to FactSet report. 

Recall, gold surpassed recently a 2013 peak at $1,613.30 over the week.

March silver futures, grew by 0.58 percent, to $18,02 per troy ounce, being on track for a weekly loss of 1 percent.

March copper prices added 0.07 percent, to $2,80 per pound. April platinum futures surged by 0.93 percent, to $976,80 per ounce at 1523 GMT. The white metal, despite all odds, has declined by 1.5 percent for the week.

Meanwhile, Palladium is on its way to register highs or too close to peaks. March palladium futures grew by 0.37 percent, to $2,071 per ounce.


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