GOLD
Gold prices retreated from a fresh 14-month peak on Friday, as a recovery in the U.S. dollar, stronger
global equity markets and higher oil prices dented the metal’s safe-haven appeal. Gold for April delivery
on the Comex division of the New York Mercantile Exchange slumped $13.40, or 1.05%, to end Friday’s
session at $1,259.40 a troy ounce after hitting an intraday high of $1,287.80, the most since January 27,
2015. For the week, gold prices dipped $1.10, or 0.88%. Gold prices soared along with the euro on
Thursday after ECB President Mario Draghi rolled out fresh stimulus measures, including increased asset
buying and a deeper cut to deposit rates, but signaled there would be no further rate cuts. Gold came
under additional pressure as oil prices rallied to fresh three-month highs after the International Energy
Agency provided indications that the prolonged rout in oil may have hit a bottom as low prices were
beginning to impact production outside of OPEC.
SILVER
Comex, Silver futures for March delivery tacked on 6.1 cents, or 0.39%, on Friday to close at $15.60 a
troy ounce. On the week, silver futures declined 3.7 cents, or 0.47%. Meanwhile, global stocks rallied on
Friday in a delayed response to the European Central Bank's stimulus measures announced Thursday.
The S&P 500 closed at its highest level of the year, while Germany’s DAX finished 3.5% higher. Silver
prices soared along with the euro on Thursday after ECB President Mario Draghi rolled out fresh
stimulus measures, including increased asset buying and a deeper cut to deposit rates, but signaled
there would be no further rate cuts.
COPPER
Copper for May delivery inched up 2.1 cents, or 0.95%, on Friday to end the week at $2.241 a pound. For
the week, Comex copper prices lost 2.8 cents, or 1.41%, amid renewed jitters over the health of China’s
economy. Official data released over the weekend showed that China's factory output in the first two
months of the year slowed to the weakest level since November 2008, adding to the view that the
economy remains in the midst of an ongoing slowdown which will require Beijing to roll out more
support in coming months. Industrial production rose by an annualized rate of 5.4% in January, below
expectations for a 5.6% increase and slowing from a gain of 5.9% in the preceding month, the General
Administration of Customs said on Saturday. In the week ahead, investors will be looking to
Wednesday’s Federal Reserve policy statement for any indication that the bank is considering slowing
the path of interest rate increases this year. Traders will also be awaiting monetary policy
announcements from the Bank of Japan, the Bank of England and the Swiss National Bank.
CRUDE OIL
Oil futures rallied to fresh three-month highs on Friday, after the International Energy Agency provided
indications that the prolonged rout in oil may have hit a bottom as low prices were beginning to impact
production outside of OPEC. In a monthly forecast, the Paris-based IEA said that non-OPEC output would
decline by 750,000 barrels per day in 2016, compared to a previous estimate of 600,000 bpd. U.S.
production alone would decline by 530,000 bpd this year, it said. On the New York Mercantile Exchange,
crude oil for delivery in April surged to an intraday peak of $39.02 a barrel, the most since December 7,
before closing at $38.50, up 66 cents, or 1.74%. Oilfield services provider Baker Hughes said late Friday
that the number of rigs drilling for oil in the U.S. decreased by six last week to 386, the 12th straight
weekly decline and the lowest level since 2009.Since falling to 13-year lows at $26.05 on February 11,
U.S. crude futures have rebounded by approximately 35% as a decline in U.S. shale production boosted
sentiment and amid the growing view that a 20-month-long market rout is finally coming to an end.
NATURAL GAS
U.S. natural gas futures extended a rebound off 17-year lows on Friday, rising for the sixth straight
session as traders continued to close out bets on lower prices after futures held above key support
levels. On the New York Mercantile Exchange, natural gas for delivery in April jumped 3.4 cents, or 1.9%,
on Friday to close the week at $1.822 per million British thermal units after hitting an intraday peak of
$1.859, the most since February 19. Natural gas prices are up nearly 12% since falling to $1.611 on
March 4, a level not seen since August 1998, as a failure to break below $1.610 prompted market
players to cover short positions amid bullish chart signals. Meanwhile, indication of reduced drilling
activity was also considered bullish for prices. Baker Hughes said late Friday that the number of rigs
drilling for natural gas in the U.S. decreased by three last week to 94, the lowest level since at least
1987. The number of U.S. drilling rigs is viewed as a proxy for activity in the energy industry. A lower rig
count is usually a bullish sign as it signals potentially lower production in the future.
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