Gold adds 0.5% on week; oil scores 2% weekly gain

May 16, 2014

San Francisco (May 16)  Gold futures finished with a slight loss today, but still recorded a gain for the week as traders considered U.S. economic data for hints on the demand outlook for the metal and weighed the likelihood that India may soon ease restrictions on gold imports.

Gold for June delivery declined 20 cents to finish at $1,293.40 an ounce on the Comex division of the New York Mercantile Exchange, staying below the closely watched level of $1,300. For the week, it gained roughly 0.5 percent.

In other metals, July silver lost 0.8 percent to end at $19.33 an ounce. It saw a weekly gain of 1.1 percent.

July platinum dropped 0.3 percent to $1,466.10 an ounce—around 2.5 percent higher for the week, while June palladium gained 0.4 percent to $815 an ounce—up about 1.9 percent for the week.

High-grade copper for July delivery was little changed at just under $3.15 a pound, for a rise of 2 percent on the week.

In energy market, oil futures rose today, settling above $102 a barrel and notching a gain of 2 percent for the week.

A jump in U.S. housing starts and the upcoming summer-driving season fed expectations for higher energy demand.

June crude increased 0.5 percent to finish at $102.02 a barrel on the New York Mercantile Exchange.

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