Swinging between gains and losses, the price of gold is headed for its best weekly performance in a month. Bullion for immediate delivery climbed by 0.3% to USD1, 394.80 an ounce in Singapore. The increase in prices this week is highest since April 26. While, cash sliver, changing a little traded at USD22.635 an ounce.
After tumbling 17% this year, last month gold slipped into the bear market. Equities on the other hand recoiled and most traders seemed to have lost reliance in this metal, especially based on the scaling back of incentive measures by the Fed.
Meanwhile, platinum for immediate delivery went up by 0.2% to USD1, 462.50 an ounce. ETP holdings reaching its record, was at 61.82 tons. Palladium after climbing 0.4%, traded at USD440 for an ounce.
WTI crude moved to its principal weekly fall in more than a month, in between speculations about the rising fuel supplies in the U.S. and a global fiscal crunch. Meanwhile, Bank of America Corp. said that the Brent oil might slip under USD95 a barrel.
For July settlement, Brent on the London-based ICE Futures Europe Exchange, plummeted 4 cents to USD102.40 a barrel. European benchmark traded at a top of USD8.33 against WTI futures, moving up from USD8.19 yesterday.
Copper was speculated to show a weekly gain, in the midst of concerns that a mishap at the second biggest mine in the world may restrain supply, as economy in U.S. showed revival signs. For delivery in three months, metal in the London Metal Exchange moved up by 0.7% to USD7,352.25 for a metric ton and was at USD7,347.50 in Seoul.
Rubber, recoiled from its biggest monthly drop, as currency in Japan recommenced against the dollar, raising the demand for the futures denominated by yen. Contract for October delivery went up by 1% in Tokyo Commodity Exchange, to 277.7 yen for a kilogram or USD2, 711 for a metric ton.
Meanwhile, Rebar for October delivery gained by 0.9% to USD 585 a metric ton at the Shanghai Futures Exchange. Futures here plunged by 1.6% this week, displaying a second consecutive weekly decline.