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Late Friday Retreat Erases Weekly Advance For Precious Metals

COMMODITIES
  • Precious metals had accelerated towards multi-week highs in early trade on Friday, however, a flurry of selling brought prices to broadly unchanged for the week.
  • Analysts attributed the late sell-off to profit taking heading into the weekend, exacerbated by a very strong U.S. existing home sales report, adding further pressure to the space after beating lofty expectations. Additionally, bullion gains appear to be stalling ahead of the 100-day MA that comes in just above $1,800.
  • Spot Gold and Silver both lost ~0.4% on Friday to trade at 1777.50 and 26.04 respectively, as we approach the close.
  • Oil prices succumbed to global growth demand anxieties this week, after failing to consolidate last week's breakout to the topside. *WTI futures - $61.90 (+0.78%) Brent futures - $65.80 (+0.61%)
  • Despite session gains on Friday, crude benchmarks retreated around 2% on the week. Prices were dragged down by surging coronavirus cases across major energy importers India and Japan. With India being a large, high growth market for oil case spikes may pose a challenge for demand in the short term.
  • OPEC+ are said to hold a full ministerial meeting on April 28, according to a draft agenda of the gathering seen by Bloomberg. Previously, OPEC+ had been discussing downgrading next week's full-scale ministerial meeting.
  • Elsewhere there were Reuters reports that OPEC Secretary-General Barkindo told members of the cooperative they could be fined and have assets seized if the US. adopts legislation that authorizes antitrust enforcement against countries in the bloc.
Energy BulletsCommodities
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