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Gold / Silver / Copper futures - weekly outlook: March 6 - 10

3/6/2017, 10:53:55 AMMarket Analysis
Gold / Silver / Copper futures - weekly outlook: March 6 - 10

Investing.com - Gold prices fell on Friday and posted the largest weekly loss of 2017 so far amid growing expectations that the Federal Reserve will raise interest rates later this month.

Gold for April delivery settled down 0.52% at $1,225.5 on the Comex division of the New York Mercantile Exchange, having touched its lowest since February 15 at $1,222.9 earlier. Gold finished the week down 2.5%.

Gold then ticked up 0.13% to $1234.5 in after-hours trade.

Fed Chair Janet Yellen said Friday that a rate hike "would likely be appropriate" this month if the economy remains on track.

The remarks cemented the view that the Fed will raise interest rates at its next meeting on March 14-15, following a series of hawkish comments by Fed policymakers earlier in the week.

Almost 80% of traders expect a rate hike at the Fed’s March meeting, compared to just over 60% on Wednesday, according to Investing.com’s Fed rate monitor tool.

Higher interest rates are typically bearish for gold, which is denominated in dollars and struggles to compete with yield-bearing assets when borrowing costs rise.

Elsewhere in precious metals trading, r was at $2.7 a pound at the close and ended the week with a gain of just 0.26%.

Platinum settled up 1.08% at $1,000.6 late Friday, paring the week's losses to 2.95%.

In the week ahead, markets will be looking ahead to Friday’s U.S. jobs report, which could seal the deal for a Fed rate hike later this month.

Investors will also be looking to the outcome of Thursday’s European Central Bank meeting for fresh cues on the future direction of its stimulus program.

Ahead of the coming week, Investing.com has compiled a list of these and other significant events likely to affect the markets.

Monday, March 6

Australia is to release data on retail sales.

The U.S. is to publish figures on factory orders.

Minneapolis Fed President Neel Kashkari is to speak.

Tuesday, March 7

The Reserve Bank of Australia is to announce its benchmark interest rate and publish a rate statement which outlines economic conditions and the factors affecting the monetary policy decision.

Germany is to release data on factory orders.

The U.K. is to release industry data on house price inflation.

The U.S. and Canada are to publish trade figures.

Wednesday, March 8

Japan is to publish revised data on fourth quarter economic growth.

China is to release data on the trade balance.

In the U.K., Chancellor Philip Hammond is to outline the government’s budget for the year.

The U.S. is to release the ADP nonfarm payroll report.

Canada is to publish data on building permits.

Thursday, March 9

China is to release data on consumer and producer price inflation.

The ECB is to announce its latest monetary policy decision. The announcement is to be followed by a press conference with President Mario Draghi.

Canada is to report on new house price inflation.

The U.S. is to publish data on unemployment claims and import prices.

Friday, March 10

The UK is to release reports on manufacturing production and the trade balance.

Canada is to publish its monthly employment report.

The U.S. is to round up the week with the closely watched report on nonfarm payrolls.