MW: Gold futures edge up, but weekly loss in sight
LONDON (MarketWatch) — Gold futures edged higher Friday, with a second consecutive advance helping to narrow a weekly loss for the precious metal.
Gold for April delivery GCJ5, +0.34% gained $3, or 0.2%, to $1,223.20 an ounce.
Gold on Thursday marked its first gain in three sessions, aided by a pullback for the U.S. dollar DXY, +0.04% after a disappointing U.S. retail sales report and a jump in weekly jobless claims. Dollar weakness tends to make dollar-denominated commodity prices less expensive for holders of other currencies.
“The metal has continued to make progressive moves ... and if we manage to extend above yesterday’s high at $1,232, we might be attempting another return to the $1,240 area,” said Jameel Ahmad, chief market analyst at FXTM, in a note Friday.
But gold’s gain may be capped by interest in U.S. equities, as was the case during Thursday’s session. U.S. stock futures pointed to a higher open for Wall Street on Friday.
Gold futures as tracked by the continuous contract were facing a weekly decline of 0.8%, which would mark the metal’s third straight weekly loss.
Elsewhere , March silver SIH5, +0.69% gained 16 cents, or 1%, to $16.940 an ounce and platinum for April delivery PLJ5, +0.11% rose $1.40 to $1,201.80 an ounce.
March palladium PAH5, +0.34% picked up $2.60, or 0.3%, to $776.25 an ounce. High-grade copper for March delivery HGH5, +0.06% edged up 0.1% to $2.605 a pound.
