Gold futures rose on Friday but barely budged for the week as the strong gains in sharemarkets around the world undermined the appeal of safe havens such as gold and silver.
Comex gold for February delivery on Comex rose $US9.80, or 0.6%, to settle at $US1,560.30 an ounce on Friday while Comex March silver, added 13.4 cents, or about 0.8%, at $US18.073 an ounce.
For the week, gold futures gained about 20 cents higher than the previous Friday’s settlement, following gains for each of the last three weeks, according to FactSet data.
Silver though fell about 0.2% for the week.
Comex, March copper settled at $US2.8455 a pound, down 0.05% for the session but up 1.1% for the week.
April platinum added 2.4%, to $US1,024.80 an ounce, with prices up 3.9% for the week, while March palladium futures set a fresh record high, up 2.2% to settle at $US2,224.90 an ounce, and up more than 7% for the week.
And iron ore prices rose 4% for the week.
The Metal Bulletin index price for 62% Fe ore delivered to northern China closed the week at $US97.58 a tonne, up $US3.66 a tonne on the previous week’s $US93.92 a tonne.
Iron ore prices were firm ahead of the start of the long Lunar New Year break from this Saturday which will see the commodity barely traded for a week.
