Prices register hefty weekly gains though
Bullion prices settled little higher on Friday, 13 June 2014 at Comex. Gold futures settled only slightly higher for the session but scored a gain of nearly 2% for the week as a rally a day earlier on growing turmoil in Iraq helped lift prices to their highest settlement in three weeks.
Gold for August delivery rose 10 cents to settle at $1,274.10 an ounce on the Comex division of the New York Mercantile Exchange, trading in a tight range between a high of $1,277.60 and a low of $1,270.90. For the week, prices climbed 1.7%.
July silver tacked on 12 cents, or 0.6%, to end at $19.655 an ounce. It gained of roughly 3.5% on the week.
In U.S. economic news on Friday, producer prices unexpectedly sank in May, while consumer sentiment data showed a decline in June to the lowest level in three months.
The Producer Price Index for May declined 0.2%. That was lower than the consensus estimate, which called for an increase of 0.6%. The downturn in May was attributed to a 0.2% decline in the indexes for final demand services and final demand goods. Excluding food and energy, core PPI declined 0.1%, which was also lower than the 0.1% increase projected by the consensus estimate.
The preliminary reading for the University of Michigan Consumer Sentiment report for June dipped to 81.2 from the final reading of 81.9 for May. The June figure was the lowest reading since March and it fell short of the consensus estimate, which was pegged at 82.9.
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