Bullion metals ended marginally lower at Comex on Friday, 24 May 2013. Gold futures logged a modest loss on Friday in quiet trading ahead of the three-day U.S. holiday weekend but prices finished higher for the week, finding support from the recent declines in global stock markets and a weaker dollar.
June gold chopped around in negative territory during today's floor trade despite a weaker dollar index. It touched a session low of $1384.20 per ounce and eventually settled with a 0.3% loss at $1386.90 per ounce. Although the yellow metal was slightly weaker today, it managed to gain 1.6% over the week.
July silver dipped to a session low of $22.27 per ounce shortly after pit trade opened but inched higher in morning action. It then spent the remainder of the session trading near the unchanged line where it eventually settled at $22.50 per ounce, down 1 cent or 0.05% booking a 0.6% gain for the week.
In the currency market on Friday, the dollar index, which weighs the strength of the market, against a basket of six other currencies, fell by 0.1%.
Friday's economic data was limited to durable goods orders. For April, orders rose 3.3% after declining an upwardly revised 5.9% (from -6.9%) in March. The consensus expected durable goods orders to rise 1.6%. Transportation orders rose 8.1% in April as defense and non defense aircraft orders increased 25.7%. Excluding transportation, durable goods demand was solid all-around and increased 1.3% in April after declining 1.7% in March.
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