Gold gains but silver slips
Bulliuon prices witnessed a mixed finish on Friday, 19 April 2013 at Comex. Gold futures ended higher for a second straight session on Friday, finding support from strength in physical demand for the metal after a tumultuous week. But silver fell.
Gold for June delivery rose $3.10, or 0.2%, to settle at $1,395.60 an ounce on the Comex division of the New York Mercantile Exchange, coming off an intraday high of $1,424.70. Prices ended 7% lower for the week. It was fourth straight week of loss for gold.
On Friday, May silver shed on 29 cents, or 1.2%, to $22.96 an ounce, the lowest close for a most-active contract since Oct. 2010. Prices were almost 13% lower for the week for their sixth-weekly loss in a row.
Barclays on Friday lowered its forecasts on gold prices, expecting them to average $1,483 an ounce in 2013 and $1,450 in 2014. In March, it cut its outlook for this year by 7.4% to $1,646.
Sentiment on the precious metal has been bearish amid speculation the Federal Reserve could end its bond-buying program sooner-than-expected and following a sell recommendation from Goldman Sachs earlier in the month.
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News that Cyprus was to sell some of its gold reserves to raise funds for its bailout also weighed on sentiment, as it sparked concerns other debt-ridden European governments would be forced to do the same.
In the week ahead, investors will be awaiting Friday's U.S. data on first quarter growth. Investors will be closely watching this data as they attempt to gauge the strength of the U.S. recovery. Any improvement in the U.S. economy could scale back expectations for further easing from the Federal Reserve.
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