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The euro tumbled to near two-year lows against the dollar and remained on track for its worst weekly showing in five months,rattled by fears of a possible Greek exit and the risk other debt-plagued countries could also leave the euro zone.
Oil rose on reports showing that U.S. consumer confidence gained and the United Nations’ atomic agency found evidence Iran boosted its output of enriched uranium that could be used for a nuclear weapon.
Platinum has underperformed gold recently, with the gold/platinum ratio – which measures the number of platinum ounces needed to buy an ounce of gold – rising to its highest since the end of January at 1.1.
Gold prices edged higher on Friday after another day of choppy trading but the shiny metal still finished the week lower after broad commodities selling earlier in the week due in part to a strong dollar.
U.S. stocks ended their first positive week in four with a down day on Friday as investors were reluctant to buy going into a long weekend, with uncertainty still swirling around Europe.
The Dow Jones industrial average .DJI fell 74.92 points, or 0.60 percent, to 12,454.83 at the close. The Standard & Poor’s 500 Index .SPX dipped 2.86 points, or 0.22 percent, to 1,317.82. The Nasdaq Composite Index .IXIC was down 1.85 points, or 0.07 percent, at 2,837.53.
Asian shares inched higher on Friday, helped by a slight uptick in U.S. shares overnight that encouraged investors to return cautiously to buy up bargains after recent slides, but weak global data and Europe’s fiscal woes limited the gains.
U.S. Treasuries prices drifted lower on Thursday after a well-received auction of seven-year notes and as traders prepared for an abbreviated session ahead of a long holiday weekend.
Seven-year notes, last down 2/32 in price to yield 1.176 percent, are among the most sensitive to speculation over further quantitative easing by the Federal Reserve as they have benefited from the Fed’s bond purchases.
The average advanced 0.3 percent to 8,592.21 on Friday, but is still down 0.3 percent this week. If the Nikkei were to end the week lower it would be the eighth straight week of losses,its longest such run since 1992.
Platinum prices have fallen after data showing imports into Switzerland, a major PGM clearing hub, at their lowest in over four years in April, largely due to a steep decline in shipments from top producer South Africa.
Copper rose 1 percent in a mild recovery from the prior session’s 4-1/2 month low, though gains were held firmly in check by a round of soft manufacturing data that continued to cloud near-term demand prospects.
Gold barely moved on Friday in line with calmer equities but the metal was on track for a 6 percent loss this month, hit by fears the debt crisis in Europe could spiral out of control and trigger a global economic slowdown.