Gold prices went nowhere last week, ending the week down half a per cent as the tumult in Chinese markets and the Greece-driven turmoil elsewhere left the metal unwanted.
Comex August gold futures lost $US1.30, or 0.1%, to settle at $US1,157.90 an ounce In New York. That was down around 0.5% for the week (for a third straight weekly loss) and about 1.1% for the month so far.
Comex September silver futures added 12 cents, or 0.8%, to $US15.481 an ounce. Silver was also down 0.5% for the week.
Federal Reserve Chair Janet Yellen didn’t change thinking in her comments on Friday when she said she saw signs the economy was improving and expects an interest-rate increase at some point later this year.
The improvement in sentiment about China and the situation in Greece took away most of the interest for gold and silver.
In other metals Comex copper futures lost 1.4 cents, or 0.6%, and ended the week on $US2.538 a pound in New York.
That was a loss of around 3.5% for the week. Industrial commodities remain under pressure, thanks to concerns about China and its continuing appetite for metals (and oil).
