Gold and silver futures rallied Friday, but still managed to each post their third weekly loss in the last four weeks.
COMEX gold futures, per the December 2011 contract, surged $33.30, or 1.9%, to settle at $1,814.70 per ounce. However, the yellow metal still closed the week in negative territory, by $44.80, or 2.4%.
Silver futures for December 2011 delivery on the COMEX jumped $1.04, or 2.6%, to $40.54 per ounce on Friday, but finished the week lower by $1.08, or 2.7%.
Gold and silver equities advanced alongside precious metals on Friday, with the Philadelphia Gold & Silver Index (XAU) rising 1.2% 217.74 this afternoon. With today’s rally, the XAU cut its weekly decline to 2.5% and is eyeing its first weekly loss in six, since August 1-5.
Weakness in gold and silver was fueled by liquidation in precious metals amid a substantial rebound in U.S. and European equity markets this past week. Investors moved into cyclically-sensitive stocks and commodities as risk aversion stemming from the euro zone sovereign debt crisis subsided, at least modestly.