Gold, Silver, Copper and Crude Oil Briefing

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Gold, Silver, Copper and Crude Oil Briefing

ING's outlook is in contrast to bullish views from Royal Bank of Canada and Goldman Sachs Group Inc.to BMI Research and Societe Generale SA, which see prices supported as strong demand soaks up supply from the U.S. While Patterson does see healthy oil consumption, he said growth may slow and fail to completely absorb gaining American output.

Crude prices rose on Friday after the US economy added the biggest number of jobs in more than 1-1/2 years in February. Helping the dip, hedge funds and money managers cut their bullish wagers on US crude oil for the first time in three weeks, data showed on Friday.

U. S. Stocks closed mixed, with the S&P 500 and Dow Jones Industrial Average ending in the red, while the Nasdaq Composite added about 28 points.

During the said week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $63.58 per barrel with $49 cents increase compared to the preceding week.

Benchmark 10-year notes last rose 2/32 in price to yield 2.8865 percent, from 2.894 percent on Friday.

"It just looked like some profit taking", said Jim Ritterbusch, president of energy advisory firm Ritterbusch & Associates.

New indications of growing USA output come as the Organization of the Petroleum Exporting Countries-which has been holding back output by 1.8 million barrels a day since the start of last year-is divided over how high the price of oil should be.

"Nothing really stood out", said Goncalves, head of US rates strategy at Nomura Securities International in New York."You can consider that a good thing, given this year will see more and more Treasuries issued".

"Secretary of Commerce Wilbur Ross will be speaking with representatives of the European Union about eliminating the large tariffs and barriers they use against the United States of America", he stated.

MSCI's world equity index hit a two-week high, while Hong Kong's Hang Seng Index closed up 1.93 percent. Some of the pressure is coming from a recovery in the U.S. Dollar, which could affect foreign demand.

Gold at 1323.30 is trading above 1st support on the daily candle, and while above the support near 1310-1315, the price is likely to move up to 1340/50.

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