Gold / Silver / Copper futures - weekly outlook: June 13 - 17

Investing.com - Gold prices finished the week with impressive gains amid fading expectations of a Federal Reserve rate hike in the next couple of months.

Gold for August delivery on the Comex division of the New York Mercantile Exchange rose $3.2, or 0.25%, to settle at $1,275.9 a troy ounce, after reaching $1,280.9 earlier in the session, the most since May 17.

For the week, gold futures gained $33.3, or 2.69%, the second straight weekly gain.

Investors all but ruled out a rate hike at the Fed’s June 14-15 meeting after U.S. employment data earlier this month showed the economy added just 38,000 jobs last month, the smallest increase since September 2010.

The CME Group's Fed Watch tool indicated on Friday that there is a 1.9% chance the FOMC will raise rates in its June meeting this week. The probability of at least one rate hike in 2016 stood at 58.8%.

Federal Reserve Chair Janet Yellen said earlier this week that the central bank plans to raise interest rate hikes, but gave no indication on the timing of the rate hikes.

Prices of the precious metal are up nearly 5% so far in June, after sliding more than 6% a month earlier, as market players reacted to shifting views on the timing of the next U.S. rate hike.

Gold is up 20% so far this year amid skepticism over the Federal Reserve's ability to raise interest rates as much as it would like this year.

The yellow metal is sensitive to moves in U.S. interest rates. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.

In the week ahead, investors will be turning their attention to Wednesday’s monetary policy announcement by the Fed for clues on the future direction of U.S. interest rates.

Monetary policy meetings in Japan, Switzerland and the U.K. will also be closely watched.

Elsewhere in metals trading, silver futures for July delivery rose 6.2 cents, or 0.36% on Friday to settle at $17.33 a troy ounce. On the week, silver futures tacked on 96.5 cents, or 5.9%.

Also on the Comex, copper for July delivery declined 0.9 cents, or 0.44% on Friday to end at $2.031 a pound. For the week, New York-traded copper prices tumbled 8.1 cents, or 3.84%.

Ahead of the coming week, Investing.com has compiled a list of significant events likely to affect the markets.

Monday, June 13

Australian financial markets will be closed for a holiday.

Tuesday, June 14

Australia is to publish private sector data on business confidence.

The U.K. is to produce a report on consumer price inflation.

The U.S. is to release figures on retail sales and import prices.

Wednesday, June 15

The U.K. is to release the monthly employment report.

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Canada is to publish data on manufacturing sales.

The U.S. is to release reports on producer prices, industrial production and manufacturing activity in the New York region.

The Federal Reserve is to announce its benchmark interest rate and publish its rate statement and economic projections at the conclusion of its two-day policy meeting. The announcement is to be followed by a press conference by Fed Chair Janet Yellen.

Thursday, June 16

New Zealand is to publish data on first quarter economic growth.

Australia is to release its monthly jobs report.

The Bank of Japan is to announce its benchmark interest rate and publish its rate statement, which outlines economic conditions and the factors affecting the monetary policy decision.

The Swiss National Bank is also to its next monetary policy review. The Libor rate announcement is to be followed by a press conference.

The U.K. is to publish data on retail sales.

The euro zone is to produce revised data on inflation.

The Bank of England is to announce its latest monetary policy decision at the conclusion of its monthly meeting.

The U.S. is to release reports on consumer prices, initial jobless claims and manufacturing activity in the Philadelphia region.

Friday, June 17

Canada is to release its latest inflation report.

The U.S. is to round up the week with data on building permits and housing starts.