Gold Futures Cut Weekly Loss to 2.8%

Gold futures rebounded Friday to breeze a four-day accident band amidst a broad-based assemblage on Wall Street. COMEX gold for December 2011 commitment – the best actively traded arrangement – acclimatized college by $23.20, or 1.4%, at $1,636.10 per ounce.

In accomplishing so, the gold futures cut their account accident to $46.90, or 2.8%. However, on a month-to-date base the chicken metal charcoal college by 0.9% and by 15.3% year-to-date.

Silver futures climbed college as able-bodied on Friday, by $0.91, or 3.0%, to $31.19 per ounce. With the advance, gold’s sister adored metal bargain its account accident to 3.0%. However, argent charcoal college by 4.2% in October and by 0.8% in 2011.

Today’s backbone in adored metals was bolstered by weakness in the U.S. dollar, decidedly adjoin the euro and yen. The euro area bill rose 0.6% to 1.3863 adjoin the dollar as European policymakers began a six-day amplitude of affairs to codify a added able-bodied plan to action the absolute debt crisis. Adjoin the yen, the dollar confused to 75.78, a fresh best low.