Precious Metals
D A I L Y B U Z Z
SILVER
Gold prices steadied on Friday, on track for their biggest weekly rise since June, as the dollar retreated and sliding oil prices hurt risk appetite, prompting another drop in stocks.
Gold is up 3 per cent so far this week. Weakness in stocks has prompted some investors to buy the metal as an alternative asset, while a drop in the US unit made dollar-priced bullion cheaper for other currency holders.
Spot gold was flat at $1,227.30 an ounce at 0956 GMT, while US gold futures for December delivery were up $2.30 an ounce at $1,227.90.
The dollar index was down 0.3 per cent on Friday and European stocks slid another 1.4 per cent, with further declines in the price of oil hitting energy stocks and political concerns over Greece also curbing risk appetite. Benchmark Brent crude oil futures fell 1.3 per cent to below $63 a barrel, the lowest since July 2009, hurt by a global supply glut and a sluggish demand outlook. Brent is down 8 per cent this week, and 45 per cent below its June peak.
Among other precious metals, silver was up 0.5 per cent at $17.17 an ounce, while spot platinum was up 0.2 per cent at $1,240.05 an ounce and spot palladium was down 0.1 per cent at $815.72 an ounce.
