MTECHTIPS:-Gold / Silver / Copper futures – weekly outlook: July 13 – 17
Gold ended the week lower on Friday, amid indications U.S. interest rates will start rising later this year and as investors continued to monitor developments surrounding talks between Greece and its international creditors. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange dipped $1.30, or 0.11%, on Friday to end the week at $1,157.90 a troy ounce. For the week, prices of the precious metal slumped $7.30, or 0.48%, the third straight weekly loss. Futures were likely to find support at $1,145.90, the low from July 8, and resistance at $1,174.40, the high from July 6. Also on the Comex, silver futures for September delivery tacked on 12.0 cents, or 0.78%, on Friday to settle at $15.48 a troy ounce. Silver prices still lost 14.9 cents, or 0.52%, on the week, the third consecutive weekly decline. Federal Reserve Chair Janet Yellen said in a speech Friday that the central bank is on track to raise interest rates at some point this year. The comments from Yellen are her most definitive to date on the timing of a 2015 rate hike. Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise. Meanwhile, hopes for a last-minute deal on Greece supported sentiment after Athens submitted new reform proposals late Thursday and formally requested a new three-year bailout package from its euro zone creditors.