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Gold / Silver / Copper Prices - Weekly Outlook: June 11 - 15

CommoditiesJun 10, 2018 06:19AM ET
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© Reuters. Metals traders looking to Federal Reserve meeting - Gold prices look likely to remain vulnerable ahead of the upcoming Federal Reserve meeting on Wednesday, when it is widely expected to raise interest rates in what would be its second rate hike this year.

Expectations for higher interest rates tend to be bearish for gold, which struggles to compete with yield-bearing assets when rates rise.

The week will also bring updates on U.S. inflation, retail sales and industrial production.

But the yellow metal could find some support from safe haven buying amid heightened trade tensions as markets digest the fallout from a contentious weekend G7 summit meeting in Canada.

President Donald Trump said Saturday the U.S. wouldn’t endorse the final communique released at the end of the summit, blasting what he called Canadian Prime Minister Justin Trudeau's "false statements" at a news conference.

The communique said the G7 leaders agreed on the need for "free, fair, and mutually beneficial trade" and the importance of fighting protectionism.

A summit between Trump and his North Korean counterpart Kim Jong in Singapore on Tuesday will also be in focus amid heightened geopolitical tensions.

Gold prices ended little changed on Friday as the dollar pared back early gains, but prices still held on to a small weekly gain as concerns over international trade tensions helped spur some safe haven demand for bullion.

Gold futures for August delivery settled almost flat at $1,303.50 on the Comex division of the New York Mercantile Exchange late Friday, for a weekly gain of 0.25%.

Elsewhere in precious metals trading, silver futures settled at $16.82 a troy ounce, almost unchanged for the day, but posting a weekly gain of 1.87%, outperforming gold.

Platinum futures settled at $908.20, up 0.88% for the day, to notch up a weekly gain of 0.5%.

Among base metals, copper was up 0.79% to $3.301 in late trade for a sharp weekly gain of 6.54%.

Ahead of the coming week, has compiled a list of significant events likely to affect the markets.

Monday, June 11

The UK is to release data on manufacturing production.

Tuesday, June 12

Australia is to release data on business confidence.

The UK is to publish its monthly jobs report.

The ZEW Institute is to report on German economic sentiment.

The U.S. is to release consumer price inflation figures.

Wednesday, June 13

The UK is to publish data on inflation.

The U.S. is to produce figures on producer price inflation.

The Federal Reserve is to announce its benchmark interest rate and publish a rate statement which outlines economic conditions and the factors affecting the monetary policy decision. The announcement is to be followed by a press conference.

Thursday, June 14

Australia is to produce its monthly jobs report.

China is to report on fixed asset investment and industrial production.

The UK is to release retail sales data.

The ECB is to announce its latest interest rate decision and hold a press conference.

The U.S. is to release reports on retail sales and initial jobless claims.

Friday, June 15

The Bank of Japan is to announce its latest monetary policy decision and hold a press conference.

The euro zone is to release revised inflation data.

Canada is to report on foreign securities purchases and manufacturing sales.

The U.S. is to round up the week with a report on manufacturing activity in the New York region, data on industrial production and preliminary data on consumer sentiment.

Gold / Silver / Copper Prices - Weekly Outlook: June 11 - 15

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