The no-taper rally for gold and silver came to a halt on Friday, as traders took some of those winnings off the table, though both precious metals are still going to end the week on a high note.
December gold fell $16.60, or 1.2%, to $1,352.70 U.S. an ounce. Futures prices were on track to rise more 3.5% this week.
On Thursday, gold surged $61.70, or 4.7%, to settle at $1,369.30 U.S. an ounce on the New York Mercantile Exchange, marking its highest close since Sept. 9. The gains were the largest for a single session since early 2009, according to FactSet, based on the most-active contracts.
Meanwhile, silver fell 66 cents, or 3%, to $22.61 U.S. an ounce, though was poised for a weekly gain of nearly 5%. Silver on Thursday also posted its biggest rally in almost five years with its climb of 8%.
India -- traditionally a big buyer of gold and silver -- dampened the mood for precious metals after hiking its key interest rate unexpectedly to 7.5%.
Gold imports have been sliding in India since the government has been on a campaign this summer to curb them. The government blames a huge deficit and a weak rupee on the country’s insatiable appetite for gold.
In other trading action on Friday, December palladium lost $12.80, or 1.7% to $725.40 U.S. an ounce, while October platinum gave up $25.10, or 1.7%, to $1,447.90 U.S. an ounce.
Copper for December delivery fell one cent to $3.34 U.S. a pound.
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