PRECIOUS-Gold near 3-month high on lower dollar ahead of US data

               LONDON, Feb 13 (Reuters) - Gold hovered below a three-month high on Thursday, struggling to break above $1,300 as investor caution ahead of a series of U.S. economic figures offset support from a sharply lower dollar and weaker equity markets.

Spot gold was up 0.1 percent at $1,291.61 an ounce by 1101 GMT, having hit a three-month high of $1,295.91 on Wednesday.

Traders said there was strong technical resistance at the $1,300 level, last seen on Nov. 8.

U.S. gold futures for February delivery were down 0.3 percent at $1,291.80 an ounce.

"The gold market is still holding quite well but is having some difficulties to test the $1,300 psychological barrier as traders are digesting the gains made earlier in the week," Quantitative Commodity Research owner Peter Fertig said.

"That level could be breached as long as the environment for the metal remains positive, with some uncertainty in the equity markets and a lower dollar ahead of today's data."

The dollar fell 0.5 percent against a basket of major currencies, while a rally in global shares ended after a week of gains on relief over the continuity in U.S. Federal Reserve policy, hints that the European Central Bank could provide more support in the euro zone and an easing of pressure on emerging markets.

Usually, gold holds an inverse correlation with the dollar, with a weaker U.S. currency making the metal cheaper and increasing demand. Meanwhile, investor risk aversion tends to increase interest in gold, often regarded as a safe haven.

But at times over the past few sessions the metal has moved in the same direction as equities.

The market awaited U.S. jobless claims and January U.S retail sales data, due for release at 1330 GMT, for further direction on the dollar and gold.

Recent U.S. data, including two straight months of weak jobs growth, have raised questions over whether the world's biggest economy can sustain the strength it showed in the second half of last year and made some investors hope the Fed would take a slower approach to tapering its monthly bond purchases.

"Gold may need a compelling reason to hold onto gains over $1,300 lest profit taking chips away at gains," HSBC said in a note.

Higher gold prices over the past few sessions have curtailed physical buying from China, the world's biggest gold consumer, after trading volumes hit their highest since May at the start of the week.

Premiums for 99.99 percent purity gold fell to $5 on Thursday from $7 in the previous session.

Silver was unchanged at $20.19 an ounce.

Platinum was trading down 0.7 percent at $1,394.00 an ounce, while palladium lost 0.1 percent to $723.75 an ounce.  - Reuters

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Copper Drops as China Said to Target Slower Growth in Exports

            Copper fell in London from a two-week high after a report that the government in China, the biggest consumer of the metal, is aiming for weaker growth in exports this year.

China is targeting export growth of about 7.5 percent in 2014, three people with direct knowledge of the matter said, setting sights lower than last year’s pace. Passenger-vehicle sales in the country rose less than analysts estimated last month, adding to signs that the world’s second-biggest economy is slowing.

“Our focal worry for copper is Chinese growth, which is on a relentless downward slide, and most of the economic data is very discouraging for market participants,” Naeem Aslam, chief market analyst at Ava Capital Markets Ltd. in Dublin, said by e-mail today.

Copper for delivery in three months retreated 0.6 percent to $7,113 a metric ton by 9:48 a.m. on the London Metal Exchange after closing yesterday at the highest level since Jan. 24. Copper for delivery in March fell 0.5 percent to $3.239 a pound on the Comex in New York.

Wholesale deliveries of cars, multipurpose vehicles and SUVs came to 1.8 million units, the China Association of Automobile Manufacturers said, below the 1.88 million-unit median estimate of four analysts surveyed by Bloomberg News. Economic growth in China will drop to 7.4 percent this year, economist estimates compiled by Bloomberg show.

Copper gained yesterday after Chinese trade figures exceeded estimates and data showed imports of unwrought copper and copper products into the nation surged to a record 536,000 tons in January.

“Yesterday’s trade balance was heartening, but we need to see a lot more of this kind of data before we can be poised about Chinese growth,” said Aslam at Ava Capital.

Copper stockpiles monitored by the LME, down 18 percent this year to a 13-month low, fell for a 20th session to 300,675 tons, daily data showed. Orders to remove the metal from warehouses declined 0.8 percent to 175,000 tons.

Aluminum and nickel slid in London. Tin, zinc and lead rose. - Bloomberg

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NYMEX crude oil prices fall after U.S. inventory report

        Nymex crude prices fell on Thursday after a soft U.S. inventory report.

On Wednesday the New York-traded oil futures hit a session low of USD100.12 a barrel and a high of USD100.36 a barrel to settle at USD100.37 a barrel.On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in March traded at USD100.20 a barrel during Asian trading, down 0.19%.

Nymex oil futures were likely to find support at USD99.11 a barrel, Monday's low, and resistance at USD102.95 a barrel, the high from Oct. 16.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 3.3 million barrels in the week ended Feb. 7 compared to expectations for an increase of 2.7 million barrels.

Total U.S. crude oil inventories stood at 361.4 million barrels as of last week.

The report also showed that total motor gasoline inventories decreased by 1.9 million barrels, compared to forecasts for a drop of 50,000 barrels, while distillate stockpiles declined by 731,000 barrels.

OPEC, meanwhile, said world oil demand should grow at a slightly faster rate than previously expected in 2014. They cartel now sees growth of 1.09 million barrels a day, up from a previous estimate of 1.05 million barrels per day, which bolstered prices.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for April delivery were down 0.05% and trading at 108.27 a barrel, while the spread between the Brent and U.S. crude contracts stood at 8.06 a barrel. - investing.com

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Gold futures fall in Asian trading

                Gold prices fell during Asian trading hours on Thursday after climbing sharply overnight as investors continued to cheer Federal Reserve Chair Janet Yellen's commitment to tapering stimulus measures.

On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at USD1,292.70 a troy ounce during Asian trading, down 0.18%.
Stimulus measures such as Fed bond purchases tend to weaken the dollar by suppressing long-term interest rates to make stocks more attractive, thus bolstering gold's role as a portfolio hedge.

On Wednesday, the April contact hit a session low of USD1,290.50 and off a high of 1,292.70 and settled up 1.18% at USD1,295.00.

Futures were likely to find support at USD1,265.00 a troy ounce, Monday's low, and resistance at USD1,325.70, the high from Nov. 7.

In prepared remarks to the House Financial Services Committee on Tuesday, Fed Chair Yellen suggested that the central bank would taper the pace of its asset purchases at future meetings if the economy continued to improve as expected.

However, Yellen added that the pace of the central bank’s bond purchases are not on a “preset course” and reiterated that the Fed plans to hold interest rates near zero “well past” the time the jobless rate falls below 6.5%.

Also bolstering gold prices were Yellen's observations that "the recovery in the labor market is far from complete" despite progress seen over the last year, describing the country's 6.6% unemployment rate as "well above levels" that Fed officials consider sustainable in a healthy economy.

The Fed is currently purchasing USD65 billion in Treasury holdings and mortgage debt a month to suppress interest rates to spur recovery, and Yellen's words, while in line with market expectations, kept expectations firm that monetary authorities will trim asset purchases on a gradual basis, while tightening remains far off on the horizon.

Meanwhile, silver for March delivery fell 0.47% and trading at USD20.245 a troy ounce, while copper futures for March delivery were down 0.08% at USD3.252 a pound. - investing.com

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Natural gas gains on talk winter storm will pummel stockpiles

               Natural gas futures shot up on Wednesday as a powerful winter storm trekked across the southeastern U.S. and fueled expectations that snow, ice and freezing temperatures are taking their toll on stockpiles as homes and business crank up their heating.

The March contract settled up 5.35% on Tuesday to end at USD4.824 per million British thermal units.On the New York Mercantile Exchange, natural gas futures for delivery in March traded at USD4.932 per million British thermal units during U.S. trading, up 2.23%. The commodity hit session high of USD5.027 and a low of USD4.781.

Natural gas futures were likely to find support at USD4.564 per million British thermal units, Monday's low, and resistance at USD5.734, the high from Feb. 5.

Investors were betting that a powerful winter storm dumping snow and ice across the southeastern U.S. will prompt thermal power plants to burn more natural gas to meet demand, which should take its toll on the country's inventories.

The U.S. National Weather Service said that the southern part of the U.S. may get 1 to 3 inches (2.5-7.5 centimeters) of snow and sleet over the next three days, while the northeastern U.S. could see wintery weather as the system tracks towards the Atlantic.

Bullish speculators are betting that the winter storm will increase demand for the heating fuel.

The heating season from November through March is the peak demand period for U.S. gas consumption. Approximately 52% of U.S. households use natural gas for heating, according to the Energy Department.

Prices saw support amid speculation weekly supply data due on Thursday will show a larger-than-expected drop in U.S. natural gas inventories due to cold weather.

Early withdrawal estimates for this week’s storage data range from 225 billion cubic feet to 240 billion cubic feet. The five-year average change for the week is a decline of 162 billion cubic feet.

Total U.S. natural gas storage fell by 262 billion cubic feet last week to 1.923 trillion cubic feet, approximately 22% below the five-year average for this time of year and nearly 29% below last year’s unusually high level.

Natural-gas inventories have fallen sharply since November as frigid winter temperatures in the U.S. led households to burn a higher than normal amount of the fuel in furnaces to heat their homes.

Elsewhere on the NYMEX, light sweet crude oil futures for delivery in March were up 0.58% and trading at USD100.52 a barrel, while heating oil for March delivery were down 0.36% and trading at USD3.0172 per gallon. - investing.com

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Gold fluctuates near 3-month high with Fed stimulus in focus

           Gold prices fluctuated between small gains and losses in rangebound trade on Wednesday, as comments made by Federal Reserve Chair Janet Yellen on Tuesday continued to support the precious metal.

Gold prices last traded at USD1,289.30 an ounce during U.S. morning hours, down 0.05%.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery held in a range between USD1,284.10 a troy ounce and USD1,292.30 an ounce.

Gold futures rallied to USD1,294.40 an ounce on Tuesday, the most since November 8, before trimming gains to settle at USD1,289.80, up 1.18%.

Prices were likely to find support at USD1,264.70 a troy ounce, the low from February 10 and resistance at USD1,313.30, the high from November 8.

Meanwhile, silver for March delivery inched up 0.25% to trade at USD20.20 a troy ounce. The March contract settled 0.2% higher on Tuesday to end at USD20.15 an ounce.

In her first congressional testimony on Tuesday, Fed Chair Yellen said that the central bank would taper the pace of its asset purchases at future meetings if the economy continued to improve as expected.

She added that the pace of the central bank’s bond purchases are not on a “preset course”, while reiterating that Fed plans to hold interest rates at zero “well past” the time the jobless rate falls below 6.5%.

The testimony is coming amid fresh concerns over the outlook for the recovery, following the weakest two-month stretch of U.S. job creation in three years in December and January.

The Fed tapered its monthly asset purchase program by another USD10 billion to USD65 billion a month at its last policy meeting.

Elsewhere on the Comex, copper futures for March delivery rose 0.85% to trade at USD3.243 a pound.

Data released earlier showed that China’s trade surplus widened to USD31.86 billion last month from a surplus of USD25.6 billion in December, compared to estimates for a surplus of USD23.65 billion.

Chinese exports climbed 10.6% from a year earlier, beating expectations for a 2% increase and following a 4.3% gain in December. Imports rose 10%, compared to forecasts for a 3% increase.

According to the data, the Asian nation imported a record-high 536,000 tons of anode, refined copper, alloy and semi-finished copper products in January, up 21% from December.

China is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. - investing.com

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Silver futures fluctuate in rangebound trade

    Silver prices swung between small gains and losses in rangebound trade on Wednesday, as traders reassessed their expectations for how quickly the Federal Reserve will roll back its stimulus program.

Silver prices last traded at USD20.18 a troy ounce during European morning hours, up 0.15%. The March contract settled 0.2% higher on Tuesday to end at USD20.15 an ounce.On the Comex division of the New York Mercantile Exchange, silver for March delivery held in a range between USD20.08 a troy ounce and USD20.22 an ounce.

Silver futures were likely to find support at USD19.75 a troy ounce, the low from February 7 and resistance at USD20.27, the high from February 10.

Meanwhile, gold futures for April delivery shed 0.2% to trade at USD1,287.40 a troy ounce. Gold futures rallied to USD1,294.40 an ounce on Tuesday, the most since November 8, before trimming gains to settle at USD1,289.80, up 1.18%.

Prices were likely to find support at USD1,264.70 a troy ounce, the low from February 10 and resistance at USD1,313.30, the high from November 8.

In her first congressional testimony on Tuesday, Fed Chair Yellen said that the central bank would taper the pace of its asset purchases at future meetings if the economy continued to improve as expected.

She added that the pace of the central bank’s bond purchases are not on a “preset course”, while reiterating that Fed plans to hold interest rates at zero “well past” the time the jobless rate falls below 6.5%.

The testimony is coming amid fresh concerns over the outlook for the recovery, following the weakest two-month stretch of U.S. job creation in three years in December and January.

The Fed tapered its monthly asset purchase program by another USD10 billion to USD65 billion a month at its last policy meeting.

Elsewhere on the Comex, copper futures for March delivery jumped 1.05% to trade at USD3.249 a pound.

Data released earlier showed that China’s trade surplus widened to USD31.86 billion last month from a surplus of USD25.6 billion in December, compared to estimates for a surplus of USD23.65 billion.

Chinese exports climbed 10.6% from a year earlier, beating expectations for a 2% increase and following a 4.3% gain in December. Imports rose 10%, compared to forecasts for a 3% increase.

The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. - investing.com

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UPDATE 1-Aluminium maker Norsk Hydro Q4 beats forecast, offers dividend

Underlying operating profit NOK 483 mln vs fcast 310 mln

Offers dividend of NOK 0.75 per share, as expected

Says market remains uncertain but is more upbeat on 2014

OSLO, Feb 12 (Reuters) - Norsk Hydro, one of the world's largest producers of aluminium, reported core earnings well above forecasts on Wednesday due to cost cuts and offered a dividend for 2013 in line with expectations.

The price of aluminium - used in the aerospace, construction and automotive sectors - has nearly halved since 2008 due to a massive global surplus of the metal, forcing loss-making firms to slash capacity and make savings.

Norsk Hydro was no exception and had to make several rounds of cost savings throughout its divisions.

"Extensive improvement programmes backed our results for 2013, despite market uncertainty and low aluminium prices," Chief Executive Svein Richard Brandtzaeg said in a statement.

"Although the uncertainty remains, we are entering 2014 on a positive note, as we expect demand for aluminium to slightly exceed production this year, in the world outside China."

Hydro reiterated that it saw world demand outside China growing by 2-4 percent in 2014.

Underlying operating profit rose to 483 million crowns ($79.02 million) for the fourth quarter from 138 million a year ago, beating expectations for 310 million in a Reuters poll.

Norsk Hydro fared better than some of its peers. The United States' biggest producer, Alcoa, reported a big loss for the fourth quarter due to falling aluminium prices earlier this year.

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Glencore lifts copper and coal output

      MINING and trading group Glencore Xstrata yesterday beat analysts' forecasts with a 26 per cent rise in annual copper output, boosted by strong growth at its African and Chilean mines.

Output of both copper and coal, the two biggest earners for Glencore's industrial side, rose in the year to the end of December, offsetting a decline in nickel, lead and zinc.

The company, which of the diversified miners has the biggest exposure to copper, said its ownsourced copper production rose by more than a quarter to 1.5m tonnes in 2013, passing analysts' expectations for a rise of 16 to 25 per cent.

The division, which accounts for about 30 per cent of the company's profits, benefited from strong growth at its Congolese mines and at Collahuasi in Chile , a joint venture with rival Anglo American inherited with the acquisition of Xstrata last year.

"Copper is central to our bullish stance on Glencore Xstrata given our positive view on the future price development of the commodity and the strong prospects for Glencore to grow production," Bernstein research analysts said in a note. - Kitco

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Gold, silver extend last week’s winning streak

               Gold and silver prices extended gains from last week on Monday, as a mixed U.S. employment report forced investors to recalibrate their assumptions about the future course of the Federal Reserve's monetary policy.

Gold futures ended Friday’s session up 0.45% to settle at USD1,262.90 a troy ounce.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery hit USD1,276.00 a troy ounce, the most since January 27, before trimming gains to trade at USD1,274.60 during European morning hours, up 0.9%.

Prices were likely to find support at USD1,252.20 a troy ounce, the low from February 5 and resistance at USD1,279.20, the high from January 26.

Meanwhile, silver for March delivery rose 1.1% to trade at USD20.15 a troy ounce. The March contract settled 0.04% higher on Friday to end at USD19.93 an ounce.

Silver futures were likely to find support at USD19.75 a troy ounce, the low from February 7 and resistance at USD20.24, the high from February 5.

Data on Friday showed that the U.S. economy added 113,000 jobs in January, well below expectations for jobs growth of 185,000, after December's lackluster gain of 75,000 jobs.

It was the weakest two-month stretch of job creation in three years as inclement weather contributed to a slowdown in hiring.

Yet the report also showed that the number of people participating in the labor force edged up to 63% from a 30-year low of 62.8% last month, while the unemployment rate unexpectedly ticked down to a five year low 6.6% from 6.7% in December.

Market players now looked ahead to Congressional testimony from new Federal Reserve Chair Janet Yellen later in the week for clues regarding the future of course of U.S. monetary policy.

The Fed tapered its monthly asset purchase program by another USD10 billion to USD65 billion a month at its last policy meeting.

Elsewhere on the Comex, copper futures for March delivery rose 0.1% to trade at USD3.239 a pound. - investing.com

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Copper futures little changed near 1-week high

            Copper futures were little changed near a one-week high on Monday, as investors looked ahead to key economic data out of China later in the week to gauge the strength of the world’s second largest economy.

The March copper contract ended Friday’s session up 0.22% to settle at USD3.236 a pound.On the Comex division of the New York Mercantile Exchange, copper futures for March delivery hit USD3.253 a pound, the most since January 20, before trimming gains to trade at USD3.238 a pound during European morning hours, up 0.05%.

Futures were likely to find support at USD3.191 a pound, the low from February 6 and resistance at USD3.258 a pound, the high from January 30.

On Thursday, China will release its monthly trade data, which will be followed by inflation numbers Friday. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

Meanwhile, in the U.S., data on Friday showed that the economy added 113,000 jobs in January, well below expectations for jobs growth of 185,000, after December's lackluster gain of 75,000 jobs.

It was the weakest two-month stretch of job creation in three years as inclement weather contributed to a slowdown in hiring.

Yet the report also showed that the number of people participating in the labor force edged up to 63% from a 30-year low of 62.8% last month, while the unemployment rate unexpectedly ticked down to a five year low 6.6% from 6.7% in December.

Market players now looked ahead to Congressional testimony from new Federal Reserve Chair Janet Yellen later in the week for clues regarding the future of course of U.S. monetary policy.

The Fed tapered its monthly asset purchase program by another USD10 billion to USD65 billion a month at its last policy meeting.

Elsewhere on the Comex, gold for April delivery rose 0.8% to trade at USD1,272.90 a troy ounce, while silver for March delivery advanced 1.1% to trade at USD20.15 a troy ounce. - investing.com

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Natural gas futures - weekly outlook: February 10 - 14

              U.S. natural gas futures fell sharply on Friday, as a break in the cold to milder weather prompted a 

correction in the market after a rapid price run-up which took prices to a four-year high earlier in the week.

The March contract tumbled 1.97% on Thursday to settle at USD4.931 per million British thermal units. Prices rallied to USD5.737 on Wednesday, the highest since January 2010.On the New York Mercantile Exchange, natural gas futures for delivery in March slumped to a session low of USD4.739 per million British thermal units, the weakest since January 31, before trimming losses to settle at USD4.775, down 3.16%.

Natural gas futures were likely to find support at USD4.652 per million British thermal units, the low from January 27 and resistance at USD5.018, the high from February 7.

On the week, Nymex natural gas prices lost 3.39%, the second consecutive weekly decline.

Natural gas futures were pressured on Friday after updated weather forecasting models pointed to moderating temperatures that would curb demand for the heating fuel.

Temperatures are expected to warm following the arctic chill that settled through most of the nation during January.

MDA Weather Services said it expects a "more aggressive warm up" in the Midwest by late next week, while a "more substantial warmth" will build over the central U.S. in its 11- to 15-day forecast.

Bearish speculators spent the session betting that milder weather will decrease demand for the heating fuel.

The heating season from November through March is the peak demand period for U.S. gas consumption. Approximately 52% of U.S. households use natural gas for heating, according to the Energy Department.

The U.S. Energy Information Administration said Thursday that natural gas supplies dropped by 262 billion cubic feet in the week ended January 31, compared to expectations for a decline of 270 billion cubic feet.

Total U.S. natural gas storage stood at 1.923 trillion cubic feet as of last week, approximately 22% below the five-year average for this time of year and nearly 29% below last year’s unusually high level.

Natural-gas inventories have fallen sharply since November as frigid winter temperatures in the U.S. led households to burn a higher than normal amount of the fuel in furnaces to heat their homes.

Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers reduced their bullish bets in natural gas futures in the week ending February 4.

Net longs totaled 151,338 contracts, down 11.5% from net longs of 171,029 in the previous week.

Elsewhere in the energy complex, light sweet crude oil futures for March delivery settled at USD99.88 a barrel by close of trade on Friday, up 2.39% on the week.

Meanwhile, heating oil for March delivery picked up 1.64% on the week to settle at USD3.048 per gallon by close of trade Friday. - investing.com

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Crude oil futures - weekly outlook: February 10 - 14

         New York-traded crude oil futures rallied more than 2% to trade above USD100-a-barrel for the first time in more than a month on Friday, as a broadly weaker U.S. dollar and strong gains in U.S. equity markets boosted the appeal of the commodity.

On Thursday, Nymex oil prices settled 0.47% higher to end at USD97.84 a barrel.On the New York Mercantile Exchange, light sweet crude futures for delivery in March surged to a daily high of USD100.24 a barrel on Friday, the most since December 30, before trimming gains to settle at USD99.88 a barrel, up 2.09% on the day.

U.S. oil futures were likely to find support at USD97.13 a barrel, the low from February 7 and resistance at USD100.42 a barrel, the high from December 30.

On the week, U.S. crude futures, also known as West Texas Intermediate or WTI, climbed 2.39%, the fourth consecutive weekly gain.

The dollar index, which tracks the performance of the greenback against a basket of six other major currencies, declined 0.29% on Friday to settle the week at 80.75, the lowest since January 30.

Dollar-denominated oil futures contracts tend to rise when the dollar falls, as this makes oil cheaper for buyers in other currencies.

Meanwhile, the Dow Jones Industrial Average and the S&P 500 ended more than 1% higher on Friday, due to perceptions that the economy is improving but not fast enough to prompt the Federal Reserve to rush to taper stimulus programs.

U.S. shares and crude oil have traded in tandem for several months, on the belief share prices act as a proxy for economic sentiment and are a bellwether for oil demand.

Data on Friday showed that the U.S. economy added 113,000 jobs in January, well below expectations for jobs growth of 185,000, after December's lackluster gain of 75,000 jobs.

It was the weakest two-month stretch of job creation in three years as inclement weather contributed to a slowdown in hiring.

Yet the report also showed that the number of people participating in the labor force edged up to 63% from a 30-year low of 62.8% last month, while the unemployment rate unexpectedly ticked down to a five year low 6.6% from 6.7% in December.

In the week ahead, Fed Chair Janet Yellen is to testify on the central bank’s semiannual monetary policy report in Washington. Her comments will be closely watched.

Monthly supply and demand reports from the U.S. Energy Information Administration, the International Energy Agency and the Organization of the Petroleum Exporting Countries will also be in focus.

Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers increased their bullish bets in oil futures in the week ending February 4.

Net longs totaled 275,931 contracts, compared to 260,282 in the preceding week.

Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery soared 2.22% on Friday to settle the week at USD109.57 a barrel, the highest since January 2.

The March Brent contract picked up 2.89% on the week. Meanwhile, the spread between the Brent and the crude contracts stood at USD9.69 a barrel by close of trade on Friday.

The London-traded Brent contract was boosted amid concerns over declining output from the Buzzard oilfield in the North Sea, which is expected to undergo maintenance in the second quarter this year. - investing.com

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Gold / Silver / Copper futures - weekly outlook: February 10 - 14

       Gold futures ended Friday’s session higher, after disappointing U.S. nonfarm payrolls data reduced concerns over a further reduction in U.S. monetary stimulus.

Comex gold prices ended Thursday’s session little up 0.02% at USD1,257.20 a troy ounce.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery rose to a session high of USD1,272.00 a troy ounce on Friday, before trimming gains to settle at USD1,262.90 by close of trade, up 0.78% on the day and 1.48% higher for the week.

Gold futures were likely to find support at USD1,240.40 a troy ounce, the low from February 3 and resistance at USD1,274.50, the high from February 5.

Meanwhile, silver for March delivery ended Friday’s session up 0.04% to close the week at USD19.93 a troy ounce. On Thursday, silver prices settled 0.62% higher at USD19.92 an ounce.

The March silver futures contract picked up 4.06% on the week, the first weekly gain in three weeks.

The U.S. economy added 113,000 jobs in January, the Labor Department said, well below expectations for jobs growth of 185,000, after December's lackluster gain of 75,000 jobs.

It was the weakest two-month stretch of job creation in three years as inclement weather contributed to a slowdown in hiring.

The unemployment rate inched down to a five-year low of 6.6% from 6.7% in December, while the number of people participating in the labor force edged up to 63.0% from an almost 35-year low of 62.8% last month.

The disappointing data cooled expectations that the Federal Reserve would cut its stimulus program again this month. The central bank said it will keep a close eye on economic indicators before deciding to wind down its stimulus program even further.

The Fed tapered its monthly asset purchase program by another USD10 billion to USD65 billion a month at its last policy meeting.

In the week ahead, Fed Chair Janet Yellen is to testify on the central bank’s semiannual monetary policy report in Washington. Her comments will be closely watched.

Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers reduced their bullish bets in gold futures in the week ending February 4.

Net longs totaled 59,408 contracts, compared to 60,672 in the preceding week.

Elsewhere on the Comex, copper for March delivery hit a daily high of USD3.248 a pound on Friday, the most since January 30, before trimming gains to end at USD3.236 a pound, up 0.22%.

Comex copper prices added 1.2% on the week, the first weekly advanced in four weeks. - investing.com

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