ID: Gold, other metals hold steady after recent gains
NEW YORK — Prices for gold and other metals were little changed during quiet trading Friday as investors squared positions ahead of the weekend following recent gains.
"The market has done well over the past few weeks," said Dave Meger, a gold analyst at Alaron, adding that investors are "in a consolidation mood."
Risk appetite among investors has spiked over the past two weeks, as the majority of corporate earnings reports exceed Wall Street's expectations and amid signs that the troubled housing market is stabilizing.
That has sent prices for metals like copper and aluminum soaring. When investors are more upbeat on the economy, they tend to place bets on riskier assets like stocks and commodities.
Since July 10, copper is up 14 percent; aluminum is up 14.8 percent; silver is up 9.7 percent; platinum is up 7.8 percent; and gold up 4.4 percent.
Major stock indexes, meanwhile, have risen 11 percent over the past two weeks. On Thursday, the Dow Jones industrial average moved back above the 9,000 mark for the first time since early January.
Trading was quiet in other markets Friday, too, leaving commodities trading without strong direction. The dollar was mixed against other major currencies, while stocks wavered in a narrow range following a big jump the day before.
Gold for August delivery slipped $1.70 to $953.10 an ounce on the New York Mercantile Exchange.
September silver inched up 10.5 cents to $13.8750 an ounce, while July platinum added $4.40 to $1,186.90 an ounce.
September copper futures dipped less than a penny to $2.5220 a pound. Aluminum prices rose 1.8 percent.
Oil prices held on to recent gains, adding 89 cents to settle at $68.05 a barrel on the New York Mercantile Exchange. Crude moved higher this week as the stock market rallied and companies reported strong second-quarter earnings.
In other Nymex trading, gasoline for August delivery added less than a penny to settle at $1.9159 a gallon and heating oil rose 1.69 cents to settle at $1.7813 a gallon.
Grain prices fell on the Chicago Board of Trade following a big spike a day earlier on hopes that the U.S. Department of Agriculture may reduce its estimates on the number of acres planted for corn.
September corn shed 10.75 cents to $3.1625 a bushel, while September wheat futures fell 15.5 cents to $5.1625 a bushel.
November soybeans lost 17 cents to $9.15 a bushel.
