By Myra P. Saefong
Copper and silver outperformed gold this week, but so did all the other industrial metals traded on CME Group’s Comex exchange as global economic concerns eased and investors turned their attention back to so-called riskier assets.
Gold futures GCQ6, +0.41% settled Friday at $1,327.40 an ounce, suffering from their first weekly loss in seven, but silver SIU6, -0.13% which finished at $20.165 an ounce, posted gains in each of the past seven weeks and copper HGU6, -0.45% at $2.234 a pound, tallied its fourth-weekly climb in five. Compared with last Friday’s settlements, copper rose 5.4% and silver added 0.3%.
“It is a sign investors are beginning to feel more comfortable with global growth, “ said Chris Gaffney, president of World Markets at EverBank.
He pointed out that data released Friday showed that the economy in China, the world’s largest consumer of raw materials, grew 6.7% in the second quarter.
Also, “markets have calmed somewhat as investor angst over Brexit [has] seemed to subside and this has led to more buying of the industrial metals,” Gaffney told MarketWatch.
“We saw commodities as an asset class outperform all others during the second quarter (as measured by the Bloomberg Commodity Index), and we think the commodity comeback will continue after what has been four years of horrible returns,” he said.