Gold and silver futures rose, capping the biggest weekly rallies in four months, as the outlook from the Federal Reserve for low U.S. interest rates boosted demand for the metals as hedges against inflation.
Palladium futures reached the highest since 2001 on concern that supply will be restricted by a four-month mine strike in South Africa. Gold capped the longest rally since April.
Copper fell the most in five weeks in New York as signs of slowing economic growth in Europe fueled demand concerns.
Gold futures slid from a three-week high as signs of an improving global economy reduced the appeal of haven assets.
Gold fell in New York, capping a second straight weekly loss, as moves by China to fight inflation and slow growth eroded demand for precious metals and raw materials.
Gold futures climbed to the highest in almost 17 weeks on speculation that a sputtering U.S. economy will boost demand for the metal as an alternative investment.
Gold fell from a 15-week high on speculation that demand for bars and coins will ebb following the rally.
Gold climbed to a record for the third time this week as investors stepped up demand for a haven from financial turmoil. Silver futures rose to the highest closing price since 1980.
Cocoa futures climbed to the highest price in eight weeks in New York on signs of increasing demand for chocolate. Coffee also rose.
"There is a slight pullback in gold as the problem in Portugal did not escalate."
- Adam Klopfenstein on Jul 11, 2014