Gold Futures Pare Losses, Post 5.5% Weekly Gain

Gold futures pared their losses Friday afternoon, as the COMEX December contract rebounded from an intra-day low of $1,725.80 to settle with a loss of just $8.90, or 0.5%, at $1,742.60 per ounce.

The yellow metal’s bounce back did not coincide with any considerable moves in currencies or equities, but instead likely emanated from short covering given the substantial decline from its $1,817.60 record high reached on Thursday.

For the week, COMEX gold futures posted a gain of 5.5% and extended their weekly winning streak to six.  Year-to-date, gold futures are now higher by 22.6%.

In contrast to gold, silver advanced Friday, but still lagged the yellow metal over the course of the week. COMEX silver futures, per the September contract, finished higher by $0.44, or 1.2%, at $39.11 per ounce on Friday.  For the week, gold’s sister precious metal climbed 2.4%.

Other precious metals rallied this week as well, with platinum and palladium futures jumping 4.5% and 0.9%, respectively.