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Metals Stocks: Gold turns higher Friday, heads for fourth week in a row of gains

Gold prices slipped again Friday with the yellow metal erasing a little more of a rally that started late last month after the Federal Reserve announced its latest interest rate rise.

Price action

The price of gold contracts expiring in September

was down $6, or 0.3%, to trade at $1,801 per ounce on Comex.

The price of silver contracts expiring in September

was off 11 cents, or 0.6%, to $20.24 per ounce.

Palladium contracts expiring in September

were down $56.40, or2.5%, at $2,226 per ounce, while platinum contracts expiring in October

were off $12.50, or 1.3%, to $946 per ounce.

Copper contracts expiring in September

were down five cents, or 1.3%, to $3.66 per pound.

Here’s what analysts are saying

Gold is on track to book another gain for the most-active contract this week.

However, while gold undoubtedly has a fair wind pushing it along currently, the precious metal’s upside potential could still be capped by the Federal Reserve, according to Rupert Rowling, a market analyst at Kinesis Money.

Looking ahead, investors will be awaiting the release of the Federal Open Market Committee’s minutes, which are expected to be released next week. They typically involve some insight into the Fed’s thinking.

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