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Bullions end week on a higher note

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Capital Market

Bullion metals ended higher on Friday, 14 June 2013 at Comex. Gold futures ended higher on Friday to eke out a modest weekly gain, buoyed by data showing a larger-than-expected rise in wholesale prices one day after a news report indicated that the Federal Reserve will try to calm fears over tapering its monetary stimulus program.

Gold futures for August delivery gained $9.80, or 0.7%, to settle at $1,387.60 an ounce in Nymex floor trading. Prices ended 0.3% higher for the week. Gold traded as high as $1,390.40 earlioer during the day.

On Friday, July silver rose 32 cents to close at $21.95 an ounce, and copper for July delivery picked up 1 cent to trade at $3.20 a pound. That left silver up nearly 1% for the week.

 

The Labor Department reported on Friday that producer prices made a 0.5% monthly rise in May, the first positive reading in three months and exceeding forecasts for a 0.1% rise. Producer prices ended two consecutive months of declines and increased 0.5% in May after declining 0.7% in April. The consensus expected the PPI to increase 0.1%. The increase in producer prices was due almost entirely to higher food and energy costs. Food prices rose 0.6% in May after falling 0.8% in April.

Excluding food and energy, core prices rose 0.1% for a second consecutive month. That was exactly what the consensus expected.

Industrial production growth was unchanged in May after declining an upwardly revised 0.4% (from -0.5%) in April. The consensus expected industrial production to increase 0.1%.

The University of Michigan Consumer Sentiment Index dipped to 82.7 in the preliminary June report from 84.5 in May. The consensus expected the index to fall to 83.0. The Expectations Index rose to 76.7 in June from 75.8, which is the highest point since November 2012. The Present Conditions Index fell to 92.1 from 98.0 in May.

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First Published: Jun 17 2013 | 8:55 AM IST

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