Bullions end week on a steady note

Prices register marginal weekly gains

It was mixed finish for bullions on Friday, 27 June 2014. Gold futures settled higher on Friday, recovering a little from the prior day's decline to tally a mild weekly advance their fourth in a row.

Gold for August delivery added $3, or 0.2%, to settle at $1,320 an ounce on the Comex division of the New York Mercantile Exchange. For the week, prices were up around 0.3% adding to 5.5% climb scored over the previous three weeks.

July silver fell 3 cents, or 0.2%, to settle at $21.08 an ounce, trading around 0.6% higher for the week. September silver, which is now the most actively traded contract, ended almost 3 cents lower at $21.13 an ounce.

Economic data at Wall Street was limited to the Michigan Consumer Sentiment survey for June, which increased to 82.5 in its final reading for June. That was up from a preliminary report of 81.2 and up from 81.9 in May. The consensus expected the Index to increase to 81.7. The preliminary June report initially showed a decline in confidence. That didn't jive with the big improvements in equity prices and employment conditions. However, the final reading brought the Consumer Sentiment Index in-line with the Conference Board's Consumer Confidence Index, which increased to 85.2 in June from 82.2 in May.

In overnight news, there was more dour economic news coming out of the European Union Friday. The European Commission's Economic Sentiment Indicator came in at 102.0 in June from 102.6 in May. Forecasts were for a figure of 103.0. This reading comes after the EU made moves in early June to boost economic activity, including further easing of EU monetary policy. The report also said EU consumers expect inflation to continue to be very low.

The civil war in Iraq is still an issue for the market place but it has at least temporarily moved off the front burner.

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