{"id":40466,"date":"2013-01-19T04:15:00","date_gmt":"2013-01-19T04:15:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-post-weekly-gains\/40454\/"},"modified":"2013-01-19T04:15:00","modified_gmt":"2013-01-19T04:15:00","slug":"gold-prices-post-weekly-gains","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-post-weekly-gains\/40466\/","title":{"rendered":"Gold Prices Post Weekly Gains"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a> futures retreated a tad on Friday as a stronger U.S. dollar and inability of the metal to break the key resistance of $1,700 mark, consistently investors to take fresh positions in the gold futures. However, the precious metal posted gains for the week.<\/p>\n<p><span id=\"more-40466\"><\/span><\/p>\n<p>Gold futures for February delivery slid $3.80 an ounce or 0.2% to settle at $1,687 an ounce. The contract gained 1.6% for the week. Spot gold inched up 0.06% to $1,684.40, posting nearly 1.4% gains for the week.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\" target=\"_blank\" rel=\"noopener\">NYSE: GLD<\/a>) ended the day 0.16% lower at $163.09.<\/p>\n<p>Speculation over earlier than anticipated end to <a href=\"http:\/\/www.knowfinance.com\/federal-reserve-system-fed\/\" target=\"_blank\" rel=\"noopener\">Federal Reserve<\/a>\u2019s quantitative easing in the back drop of improving economic U.S. economic indicators is keeping bullion investors on the sidelines and putting pressure on inflation-hedge bets. Nevertheless, in some quarters, there is still hope that the central bank will not stop its QE3 anytime soon since the economic data has been erratic.<\/p>\n<p>While initial jobless claims and housing starts showed significant improvement in the economy, Thomson Reuters\/ University of Michigan\u2019s consumer sentiment index fell unexpectedly in January. The index stood at 71.3 in January, which is the worst reading since December 2011.<\/p>\n<p>Erratic economic data which is creating ambiguity over the continuation of Fed\u2019s QE3 along with policy stalemate in Washington as to the issue of spending cuts and raising the debt-ceiling limit is keeping sentiment subdued, prompting investors to take profit at any slightest of rally. However, safe haven bets are likely to be in demand as simmering concerns over sovereign default\u2014in case lawmakers fail to increase the current borrowing limit, believe many market participants, according to Reuters.<\/p>\n<p>According to Jon Nadler, senior analyst at KITCO Metals, marginal gains made by gold futures during the week prompted funds to profit taking\/squaring, adding that metal\u2019s failure to breach the psychological $1,700 an ounce level along with strength in the U.S. dollar were capping metal\u2019s gains.<\/p>\n<p>\u201cThere is some technical resistance at that $1,700 level, and gold has to break above that to move higher,\u201d HSBC analyst Howard Wen said in a note to investors.<\/p>\n<p>The ICE dollar Index, a gauge on U.S. dollar\u2019s performance against a basket of six major traded currencies, climbed to 79.994 on Friday from 79.691 in late North American trade on Thursday. In general, U.S. dollar and <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a> move in opposite direction. Since commodities are dollar-dominated in international market, any strength in the U.S. unit, make them expensive for those traders who deal in currencies other than the greenback, lowering the demand.<\/p>\n<p>However, spot gold received some support on Friday after a data release from China\u2019s National Bureau of Statics showed that the world\u2019s second largest economy grew at faster than expected rate in fourth quarter of 2012. The GDP rose by 7.9%, snapping the trend of seven straight quarters of slower economic expansion. China along with India, are the world\u2019s biggest consumer of gold. Strength in Chinese economy augurs well for the yellow metal as investment demand from burgeoning middle class is likely to pick up. Besides, with Chinese Lunar Year just around the corner, demand from dealers and Jewelers have improved significantly.<\/p>\n<p>\u201cFor gold we had some good physical demand from Asia, particularly China, after better-than-expected GDP data. We expect physical buying to pick up ahead of the Chinese New Year on Feb. 10,\u201d said HSBC analyst Wen.<\/p>\n<p>Also the fact that gold has been consistently posting weekly gains for past few weeks could attract bullish bets. (A higher settlement for the week) \u201cmay embolden gold bulls who are expected to come back into the market,\u201d said Mark O\u2019Byrne, research director at GoldCore in a research note to clients.<\/p>\n<p>In some other precious metal markets, <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver-price.aspx\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">silver<\/a> futures for March delivery added 12 cents an ounce or 0.4% to close at $31.93.<\/p>\n<p>Platinum futures for April delivery bucked its rally to fall$26.50 an ounce or 1.6% to close at $1,674 an ounce while palladium for March contract fell $3.40 an ounce or 0.5% to end the day at $722.75.<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"www2.thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20130121142522\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Fgold-prices-post-weekly-gains%2F40466&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n<script id=\"mNCC\" language=\"javascript\">  medianet_width='600';  medianet_height= '250';  medianet_crid='814932888';  <\/script>  <script id=\"mNSC\" src=\"https:\/\/web.archive.org\/web\/20130121142522js_\/http:\/\/contextual.media.net\/nmedianet.js?cid=8CUT71M67\" language=\"javascript\"><\/script> \n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/morgan-stanley-shares-rally-on-q4-results-ms-2\/40467\">\nMorgan Stanley Shares Rally on Q4 Results (MS)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-post-weekly-gains\/40466\">\nGold Prices Post Weekly Gains<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/market-update-after-hours-january-18\/40453\">\nMarket Update After Hours January 18<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-on-a-mixed-note-dow-jones-and-sp-500-finish-at-five-year-highs\/40445\">\nStocks End on a Mixed Note; Dow Jones and S&#038;P 500 Finish at Five-Year Highs<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-lower-silver-prices-gain-6\/40443\">\nGold Prices Settle Lower; Silver Prices Gain<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-mixed-in-late-trading-19\/40442\">\nStocks Mixed in Late Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-down-in-mid-day-trading-sentiment-weighed-down-by-consumer-sentiment-index-and-intels-outlook\/40441\">\nStocks Down in Mid-Day Trading, Sentiment Weighed Down by Consumer Sentiment Index And Intel\u2019s Outlook<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20130121142522im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n\n<!--script type=\"text\/javascript\">\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\n<\/script>\n<script type=\"text\/javascript\"\nsrc=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script-->\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures retreated a tad on Friday as a stronger U.S. dollar and inability of the metal to break the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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