* 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 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
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,
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
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%