Gold futures lost ground on Friday, shedding more than 2% over the week, after US Federal Reserve Chair Janet Yellen made it clear an interest-rate increase was likely to be announced at the end of the central bank’s next meeting next week.
Comex gold for April delivery fell $US6.40, or 0.5%, to settle at $US1,226.50 an ounce in New York overnight Friday.
That left prices down 2.5% for the week, ending four consecutive weeks of gains.
Ms Yellen said Friday, that a rate rise at the meeting next week was “likely appropriate” if employment and inflation continue to meet the central bank’s expectations.
Elsewhere on Comex, May silver futures also fell (by less than a cent) to $US17.74 an ounce.
After Thursday’s 4% drop, prices for the contract ended up down 3.6% for the week.
Comex May copper futures edged higher by less than a cent to end the week at $US2.697 a pound, with the contract all but unchanged for the week.
Meanwhile US oil futures settled higher overnight Friday, lifted by violence in Libya, but prices still fell over the week as US production and oil rig use continued to rise.
Prices, however, saw a loss of more than 1% for the week, thanks to higher production, another rise in the number of active oil rigs, record domestic supplies and a stringer dollar.
The usual weekly report from Baker Hughes on Friday showed the 7th straight weekly rise in the number of active rigs drilling for oil in the US – up seven to 609 last week.
The total active US rig count including oil and natural-gas rigs, also rose by 2 to 756. Earlier in the wee, US daily production rose further past 9 million barrels a day to 9.032 million, only around 45,000 barrels less than the daily level a year ago.
US stocks rose 1.5 million barrels to 520.2 million barrels, the highest ever at this time of year.
But April West Texas Intermediate crude rose 72 cents, or 1.4%, to settle at $US53.33 a barrel in New York, for a loss of around 1.2% for the week. In London May Brent crude futures rose 82 cents, or 1.5%, to $US55.90 a barrel -ending about 0.7% weaker over the week.
