Precious metals bounced back from earlier losses alongside the broader financial markets on Friday.
COMEX gold futures, which had fallen to as low as $1,677.00 U.S. per ounce this morning, settled higher by $12.80, or 0.8%, at $1,711.50 U.S. per ounce. In doing so, the yellow metal eked out a weekly gain of 0.1% and snapped a two-week losing streak.
Silver futures rebounded as well, from an intra-day low of $33.15 to $34.25 U.S. per ounce. However, the move higher was not enough to turn gold’s sister precious metal higher for the week, as it finished down by 0.1%.
Notably, today’s rally in precious metals was not accompanied by weakness in the U.S. dollar. The greenback climbed 1.1% against a composite of foreign currencies, while the euro slid 1.2% to 1.3117 against the dollar.
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