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On Friday, gold was able to recover some of the value it lost after the latest report on growth in the US, rising 0.3 percent to hit $1,260.40 per ounce. Meanwhile, silver was down while copper and oil were up.
On Friday, gold was able to recover some of the value it lost after the latest report on growth in the US, rising 0.3 percent to hit $1,260.40 per ounce.
“(The data) was soft, but many of the underlying components were strong, so it was not very bullish as far as gold is concerned,” INTL FCStone analyst Ed Meir told Reuters of gold’s behavior following the report.
For January, the yellow metal is up 6.5 percent, partially on concerns about Europe’s economy. However, it is still on track for its biggest weekly fall in the past two months.
For its part, silver fell 0.5 percent on Friday to hit $16.83 an ounce.
Copper rose 1.4 percent, to $5,465 per tonne, on the London Metal Exchange on Friday, Reuters reported. Positive European data from Germany and Spain contributed to expectations of higher demand to come, but analysts believe the metal is not yet safe from falls.
“To have meaningful upside, we need to see some decent physical buying activity out of China, which I don’t think will materialize until late February after the lunar new year,” Citi analyst David Wilson told Reuters. “That does suggest we’re going to be pretty rangebound for the time being, or at least we’ll have limited upside potential.”
Meanwhile, copper for March delivery on New York’s COMEX fell 0.5 percent, to $2.439 per pound, according to Investing.com.
Finally, Brent crude oil rose $0.46, or about 1 percent, to $49.58 per barrel, Reuters reported. It is down around $8 for the month.
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