Gold and silver futures ended a banner week on relatively quiet notes on Friday as financial markets digested yesterday’s euro zone agreement plan.
COMEX gold futures – per the December 2011 contract – settled lower by $0.50, or 0.03%, at $1,747.20 per ounce. For the week, however, the yellow metal climbed 6.8%, marking one of its best five-day stretches in several years.
Not to be outdone, silver futures fared even better than gold, with a 13.0% gain this week. On Friday COMEX silver for December 2011 delivery rose a modest $0.18, or 0.5%, to $35.29 per ounce.
This week’s rally in precious metals was fueled in part by weakness in the U.S. dollar, which posted considerable losses against many of the world’s leading currencies. The euro fared particularly well versus the greenback, rising from near 1.38 at the start of the week to as high as 1.4241 yesterday.
Source; http://www.goldalert.com/2011/10/gold-futures-post-6-8-weekly-gain-silver-surges-13-0/
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