COMMODITIES-Market down after U.S. data; gold up sharply for week
* Gold up more than 4 percent on week despite decline on day * Brent oil rises 3.5 percent on week, copper 0.6 percent By Barani Krishnan NEW YORK, April 26 (Reuters) - Gold fell on Friday but still had its biggest weekly gain in more than 3 months and copper and oil also rose for the week, but commodity markets ended Friday broadly lower after a two-day run-up. In agricultural markets, wheat fell nearly 2 percent on the day to post its second weekly loss. Cocoa rallied to a four-month high and sugar closed steady. The Thomson Reuters-Jefferies CRB index, a globally watched commodity price indicator, settled down 0.6 percent after 7 of the 19 markets it tracked fell 1 percent or more. For the week, though, the CRB was up 0.8 percent after strong gains in two earlier sessions. It rallied as much as 1.5 percent on Thursday, its biggest rally since November. Friday's decline came after weak economic data from the United States sounded a note of caution on growth prospects for raw materials in the world's largest economy. The Commerce Department reported that U.S. gross domestic product expanded at a 2.5 percent annual rate in the first quarter, slower than the 3.0 percent rate expected. The data fed worries about a deceleration in the second quarter and U.S. equity markets fell for most of the session. Benchmark Brent crude oil traded out of London settled at $103.16 a barrel, down 0.5 pct on the day but up nearly 3.5 percent for the week. New York-traded U.S. crude finished at $93.00, down 1 percent for the session and up 5.4 percent for the week. U.S. crude skidded from over $97 at the beginning of April to below $86 by midmonth and is back near $95 now. "The market rebounded pretty strongly in the past week ... what you're seeing today is a little bit of profit-taking," said Gene McGillian, an analyst with Tradition Energy in Stamford, Connecticut. Gold fell in choppy trade as investors took profits, but the market still posted its biggest weekly gain since January on strong physical demand sparked by last week's two-year low hit by bullion. Bullion has recovered more than half of the loss of $225 per ounce incurred between April 12 and April 16. Gold initially rose more than 1 percent on Friday on safe-haven buying after the U.S. Commerce Department reported the first-quarter GDP figure. But gold gave back those gains and slid into negative territory as options-related selling kicked in. Investors in exchange-traded gold funds, meanwhile, headed for the exits, worried about potential central bank sales of bullion and uncertainty over the outlook for U.S. monetary stimulus. Losses in industrial commodities, including crude oil and copper, also weighed on bullion. "There is still some long liquidation in the market, suggesting that some investors are still repositioning themselves, and that leaves the price vulnerable to some sideways actions," said Erica Rannestad, precious metals analyst at the CPM Group. The spot price of bullion stood at around $1,462 an ounce late on Friday, down 0.3 percent on the day and up 4.2 percent on the week. Three-month copper on the London Metal Exchange ended at $7,030 a tonne, down 2 percent on the day and up 0.6 percent on the week. Prices at 5:56 p.m. EST (2156 GMT) LAST/ NET PCT YTD CLOSE CHG CHG CHG US crude 92.78 -0.64 -0.7% 1.0% Brent crude 102.85 -0.56 -0.5% -7.4% Natural gas 4.152 -0.015 -0.4% 23.9% US gold 1453.60 -8.20 -0.6% -13.3% Gold 1462.50 0.00 0.0% -12.7% US Copper 318.60 -5.65 -1.7% -12.8% LME Copper 7030.00 -150.00 -2.1% -11.4% Dollar 82.474 -0.270 -0.3% 7.4% US corn 644.00 -1.25 -0.2% -7.8% US soybeans 1430.75 7.25 0.5% 0.8% US wheat 688.75 -13.75 -2.0% -11.5% US Coffee 133.90 -3.30 -2.4% -6.9% US Cocoa 2364.00 5.00 0.2% 5.7% US Sugar 17.36 -0.05 -0.3% -11.0% US silver 23.758 -0.382 -1.6% -21.4% US platinum 1475.20 12.40 0.8% -4.1% US palladium 681.95 0.55 0.1% -3.0%
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