Category: Precious metals News

Gold prices dropped during trading on Friday, the highest price in one week after the release of the data US upbeat economic data, which reduced the safe-haven demand for the precious metal, while prices remain supported by tensions between Russia and Ukraine.

Gold prices reached 1.297.60 dollars per ounce, its highest level since August 20 on Thursday after the Ukrainian president said that Russian forces entered the conflict in the east of Ukraine to support the pro-Russian separatists there.

However, gold fell from its highest level during the day after data showed that gross domestic product grew at an American annual rate of 4.2% in the second quarter, up from an initial estimate of 4% and rebounding from the contraction of the first quarter.

The reports showed on Friday that consumer sentiment in the United States rebounded to its highest price in seven years in August with a higher final reading of consumer confidence index for the University of Michigan to 82.5 from 81.8 in June

Another report mentioned that manufacturing activity in the Chicago area continued to expand in August , pointing to underlying strength in this sector.

Instead of issuing separate reports some data showing that consumer spending in the United States fell unexpectedly by 0.1% in July

And the American dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, to its highest level in a year by 82.78 late Friday, as data showed a strong rise in the growth rate. Miather usually high dollar makes gold where gold more expensive for buyers who use other currencies to the dollar up metal.

The data fueled optimistic American also fears that the economic recovery is increasing, which could push the Fed to raise interest rates sooner than expected. Rising interest rates make gold less attractive investment than interest-bearing assets such as Treasury bonds.

Elsewhere in metals trading, palladium prices rose to their highest levels in three and a half years on Friday amid fears that escalate sanctions larger in Russia’s largest producer of palladium in the world, and which may affect supplies.

At the NYMEX delivery palladium rose in December to record highs by 910.40 dollars per ounce and was last rise has increased by 0.91%, to trade at 906.30 dollars per ounce.

At the same time the Comex, silver fell delivery in December rose 0.61% to a record 19.49 dollars per ounce last Friday, silver rose 0.16% last week, while the loss ended the trading month increased by 4.32%.

Copper delivery also rose in September by 0.39% to hit 3.163 Dolarlertalh at close of trade. Trajataat and futures in Comex copper rose 1.86% for the week, extending losses during the month, to 1.37%.

In this week, will be shut down trading in the New York Mercantile Exchange on Monday due to the Labor Day holiday. As investors awaited the release of the report of the Institute for Supply Management, which issued on Tuesday, in addition to another report on manufacturing activity for the month of August nonfarm payrolls report to be issued on Friday in search of more of the indicators on the strength of the American economic recovery.

Palladium continued to rise for a third session on Wednesday to ten is trading near its highest level since 2001, with support from worries about supplies from South Africa, as well as strong demand from the automotive industry.

Gold rose with continued flows into the largest fund in the world to invest in the yellow metal for a second day even with the anticipation markets Minutes of a meeting of the Monetary Policy Committee Federal Reserve (the U.S. central bank) for the month of June to get to know him on expectations the U.S. Federal Reserve for the economy and interest rates.

And received the platinum group metals prices a boost this year thanks to the strike lasted five months in the mines of South Africa, a major producer. Although the strike ended last month, but the concerns about supplies continue to affect the markets.

By the time 0634 GMT, the Spot palladium was up 0.6 percent to 872.60 dollars per ounce after scoring on Tuesday, the highest level in 13 years at U.S. $ 873.75 an ounce.

Platinum rose about one percent.

They found that palladium is used primarily in the automotive industry in support of data last week showed that auto sales in the United States in June recorded the highest level in eight years.

The price of spot gold up 0.5 percent to 1324.66 dollars an ounce after it arrived earlier to the highest level in a week at 1326 dollars.

And deliver a demand for gold in support of violence in the Middle East and Ukraine. And is often seen to gold as a safe investment vehicle compared to the assets which involve greater risks, such as only

Zinc record the best performance among the industrial metals this year , down a slight 1.2 per cent as investors bet that the closure of a number of mines, the market will turn to a deficit in supply after witnessing a surplus .

And nominated many analysts zinc for gains in the next year after that other essential minerals incurred losses in 2013 are constantly influenced by uncertainty over demand in the global economy which is witnessing a recovery as well as the abundance of supply.

The nickel and aluminum authors largest oversupplied biggest losers , dropping multiples of 18.5 percent and 13.2 percent respectively .

Despite the losses , but the annual base metals recovered in recent months as a result of improved economic data in China and the United States .

Copper fell the most requested of investors 7.2 percent in 2013.

The price of copper futures closed down for three months delivery at 7360 dollars per ton in the last session of trading this year to hover near the highest level in four months . Aluminum scored $ 1,800 a tonne , after rising in the previous session , near the highest level in two months .

Copper had climbed to 7415.50 dollars per tonne on Friday, its highest level since Aug. 16 and contributed to optimism about the economy and expectations of a recovery in China’s largest consumer of the metal in the world to raise the price of copper .

Zinc ended the year ‘s trading at 2055.50 dollars per ton , lead at 2219 dollars , down 4.8 percent in 2013.

Tin closed at 22350 per tonne , down 4.5 percent this year, while the nickel 13900 dollars per ton at the end of trading

Silver fell on Friday amid a slowdown in investor demand for safe havens tools and especially the precious metals in the face of rising U.S. currency dollar and a strong rally in global equity markets, and silver tend to achieve a third weekly loss in a row.

Silver ended trading on Thursday on the rise by 0.9 percent within the correction after falling to its lowest level in three months 20.43 dollars an ounce, the first on Wednesday.

By 09:30 and met GMT fallen silver to $ 20.62 an ounce after the opening of the trading day at $ 20.76 , the highest recorded level of $ 20.84 and the lowest level of 20.56 dollars.

Dollar Index

The dollar index on Friday rose 0.2 percent , thanks to higher U.S. currency against the yen recorded the highest level in two months 100.42 yen per dollar , while the euro fell for the second day against the U.S. dollar .

Global Equity

Achieved a major indexes on Wall Street with the end of yesterday ‘s meeting new highs thanks to rising risk appetite among investors in the light of expectations to retain the stimulus program after Janet Yellen ‘s remarks , rose today futures for the S & P 500 by about 0.2 percent.

MSCI index of Asian shares 1.3 percent , exceeding the Nikkei Stock Average Japanese level of 15,000 points for the first time in six months , and recorded its biggest weekly gain in four years, and increased the broader Topix index 1.7 percent to close at 1239.04 points

Silver stayed weak in marginally with the price fails in gain momentum after the tested support levels at 20.60-20.50, showed signs of weakness yesterday.

Based on that we expect the resumption of the bearish tendency to be resumed today, with the expectation to break the price levels of 20.50 to confirm more from relegation.

The short-term trend: both sides of the
Intraday direction: both sides of the

Support 20.60 20.25 20.00 19.50 19.20

Resistance 20.85 21.05 21.35 21.55 21.75

Copper price rose slightly on Friday, supporting data showing that the growth of the Chinese economy came agree with expectations in the third quarter, despite fears that the acceleration in growth temporarily limited the gains.

Chinese economy grew 7.8 percent in the third quarter , the fastest pace this year in terms of supporting the strong demand of domestic and external factory output and retail sales.

China ‘s largest copper consumer in the world and accounts for about 40 percent of global demand for the metal.

And closed contracts standard copper for delivery in three months after the London Stock Exchange for metals , 0.2 percent higher at $ 7245 per ton.

The price of aluminum 1847 dollars per ton, a decline of 0.2 percent.

Nickel closed at $ 14,200 a tonne , up 1.4 percent to its highest level in nearly a month.

Tin closed down 0.2 percent to $ 22705 per tonne , lead unchanged at $ 2175.5 per tonne and zinc rose 0.1 percent to 1934 dollars per ton.