Gold Futures Snap 7-Week Win Streak Despite Friday’s Gains

Gold futures rallied Friday, with the COMEX December contract settling higher by $34.10, or 1.9%, at $1,797.30 per ounce.

However, the yellow metal extended its gains significantly in electronic trading later this afternoon, by $68.80 to $1,832.00 per ounce.

Despite today’s rally, COMEX gold futures posted a weekly decline of $54.90, or 3.0%.  In doing so, gold futures snapped a 7-week win streak that saw the yellow metal surge from near $1,500 on June 2 to a new all-time record high of $1,917.90 on August 22.

Silver futures climbed as well on Friday, with the COMEX September contract rising $0.21, or 0.5%, to $40.95 per ounce.  Gold’s sister precious metal also extended its gains following the COMEX close, by $0.54, or 1.3%, to $41.28 per ounce.

However, on the week silver lost $1.48, or 3.5%, ending two consecutive weekly advances.