MTECHTIPS;-Gold / Silver / Copper futures – weekly outlook: June 19 – 23


MTECHTIPS;-Gold / Silver / Copper futures – weekly outlook: June 19 – 23

MTECHTIPS-Gold prices ended a bit higher on Friday, but the yellow metal still logged its second straight weekly loss after the Federal Reserve hiked rates and maintained plans to go ahead with another increase by year-end. Gold for August delivery inched up $1.90, or about 0.2%, to close at $1,256.50 a troy ounce on the Comex division of the New York Mercantile Exchange. It touched its lowest since May 24 at $1,252.70 on Thursday. For the week, the precious metal lost $13.20, or roughly 1.2%, the second weekly loss in a row. Also on the Comex, silver futures dipped 5.5 cents, or around 0.3%, to settle at $16.66 a troy ounce, the lowest level since May 19. The white metal declined 3.3% for the week. The Fed raised interest rates as widely expected on Wednesday and maintained plans to go ahead with another rate hike by year-end. The central bank also provided greater detail about how it plans to reduce its massive $4.5 trillion balance sheet. Despite the Fed’s relatively hawkish message, market players remained doubtful over the Fed’s ability to raise rates as much as it would like before the end of the year due to a recent run of disappointing U.S. economic data. U.S. home building fell for a third straight month in May to the lowest level in eight months, data showed on Friday, suggesting that subdued housing activity could dent economic growth in the second quarter

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