Gold, Silver Pare Weekly Losses, XAU Snaps 5-Week Win Streak


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%.
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Gold Stocks (GDX) Rally, Gold Climbs Above $1,800

GOLD STOCKS NEWS – Gold stocks rallied Friday as the Market Vectors Gold Miners ETF (GDX) advanced $0.72, or 1.1%, to $63.52 per share.  Gold stocks and the GDX were lifted by a rebound in the gold price, which climbed back above $1,800 per ounce this morning.  In Canada, gold stocks jumped alongside the GDX, with the S&P/TSX Global Gold Index moving higher by 1.1% to 427.68.
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GFMS Sees $2,000 Gold by Year-End

Gold is likely to reach $2,000 per ounce by the end of 2011, according to precious metals consultancy firm Thomson Reuters GFMS.

In its Gold Survey 2011 Update 1, released this morning, GFMS reported that rising investment demand is likely to lead to further gains in the price of gold.
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