6/12/2010 03:34:00 PM
Admin
Gold Prices firmed up on Friday on getting some technical support and concerns over the economic recovery after a disappointing retail sales data, also the volatility in the US stocks on Friday led to some safe-haven demand in gold.Gold futures for August delivery settled up $8 at $1,230.20 an ounce on the Comex division of New York Mercantile Exchange. Spot gold was at $1,227.55 an ounce against $1,215.80 late in New York on Thursday.
Copper futures closed lower on Friday, easing back from one-week highs after a report of unexpected drop in US retail sales, making the investors cautious economic recovery was losing momentum. Copper for July delivery closed up 6.05 cents or 2.1 percent to $2.9230 per lb after trading in a range from $2.8680 to $2.9450 on the Comex division of New York Mercantile Exchange. LME copper for three-month delivery last traded at $6,485 per tonne from a close at $6,410 on Thursday.
Crude prices ended lower on Friday, snapping a three-day winning streak on the back of disappointing retail sales data, though there was a report of improved consumer sentiments but that was overshadowed by the retail sales report and weaker-than-expected industrial output from China.
Benchmark crude for July delivery settled at $73.78 a barrel, down $1.70 or 2.25 percent, after trading in a range of $73.26 to $75.64 on the New York Mercantile Exchange. In London July Brent crude ended down 94 cents or 1.25 percent at $74.35 after trading in a range of $73.60 to $75.72 on the ICE.
