Futures Pros – Gold futures retreated from a one-week high in volatile trade on Thursday, as concerns over the euro zone’s sovereign debt crisis eased after Spain and Italy completed successful bond sales, reducing the safe haven appeal of the precious metal. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at USD1,382.65 a troy ounce during early U.S. trade, dropping 0.27%. It earlier rose to USD1,392.85 a troy ounce, the highest price since January 4. Earlier in the day, Spain sold the maximum EUR3 billion of five year bonds amid strong demand in its first debt auction of the year while the Italian debt auction was also successful. Meanwhile, German Finance Minister Wolfgang Schaeuble said on Wednesday that euro zone countries were working on a "comprehensive package" to solve the bloc's debt crisis, which could be agreed on by February or March. Gold’s earlier gains came after official U.S. data showed that the number of people who filed for unemployment assistance in the U.S. last week rose unexpectedly to the highest level in two months. A separate report said that U.S. producer price inflation rose more-than-expected in December while core PPI, which excludes food and energy costs, rose in line with expectations. Also Thursday, official data showed that the U.S. trade deficit narrowed unexpectedly in November. Meanwhile, silver for March delivery tumbled 1.10% to trade at USD29.36 a troy ounce, while copper for March delivery slumped 0.83% to trade at USD4.379 a pound during early U.S. trade.

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