Gold futures moved higher Friday as the yellow metal snapped a four-session losing streak. COMEX gold for February 2012 delivery settled higher by $20.70, or 1.3%, at $1,597.90 per ounce despite stability in the euro/U.S. dollar currency cross. The euro rose to 1.3083 against the greenback this morning, but subsequently retreated to 1.2996 before rebounding to near unchanged at 1.3018 versus the dollar.
Despite gold’s advance, the yellow posted a weekly loss of 6.9% and extended its decline in December to 8.5%. On a year-to-date basis, however, gold futures remain in positive territory, by 12.5%.
Silver advanced $0.40, or 1.4% to $29.67 per ounce on Friday alongside the yellow metal, but finished the week lower by 8.0%. In December, gold’s sister precious metal is now down 9.9% in December and 4.1% in 2011.
Cyclical commodities were mixed, with copper rising $0.06, or 2.0%, to $3.33 per pound and crude oil sliding $0.34, or 0.4%, to $93.53 per barrel. For the week, copper and crude oil futures each tumbled 5.9%.
Source; http://www.goldalert.com/2011/12/gold-futures-cut-weekly-loss-to-6-9/
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