Gold futures were looking to build on last week’s gains in electronic trade Monday, gaining ground ahead of a busy week of earnings and economic reports.
By midday Monday in East Asia, gold for December delivery was up $3.90, or 0.3%, to $1,318.50 an ounce. Silver for December added 16 cents, or 0.7%, to $22.08 an ounce.
Gold prices ended last week on a low note, but Friday’s slight decline barely dulled the shine of a week that saw a strong 3.7% gain — gold’s best weekly performance since mid-August. Silver, meanwhile, added 3.1% over the same five-day period.
Late last week, BMO Research hiked its 2014 gold outlook to $1,275 an ounce from $1,181 previously, while the silver target was raised to $21 from $18, though both targets remained below current lead-futures prices.
“Macro events continue to be the heavyweight driver of gold-price direction, but the most recent events have seemingly been priced in,” BMO was quoted as saying in a Kitco report. “Combined with a general lackluster interest in metals, there is little upside support for precious metals in the near term.”
Elsewhere in metals action, platinum for January delivery rallied $4, or 0.3%, to $1,441.80 an ounce, adding to last week’s 4.5% advance.
December palladium fared even better, up $6.25, or 0.8%, to $746.90 an ounce.
High-grade copper for December delivery dipped nominally to $3.29 a pound.
Source : Marketwatch