Gold futures edged lower on Friday, taking a breather after Thursday’s big advance but staying on track for a weekly gain of 4%.
Gold for December delivery was last down $3.70, or 0.3%, to $1,319.30 U.S. an ounce on the New York Mercantile Exchange, while December silver edged up five cents, or 0.2%, to $22.00 U.S. an ounce and was on pace for a rise of more than 3% for the week.
On Thursday, gold settled more than $40 an ounce higher. Analysts attributed the move to expectations of continued "easy money" policies and the U.S. government spending "way too much money" now that the shutdown is over.
The yellow metal has recovered from a slide in the week ended Oct. 11 that put it at its lowest levels in about three months. One expert said gold prices may have found a bottom in the short term.
In other metals trading, platinum for January delivery rose $3.30, or 0.2%, to $1,438.20 U.S. an ounce, while December palladium added 65 cents, or 0.1%, to $738.45 U.S. an ounce. High-grade copper for December delivery climbed one cent, or 0.2%, to $3.31 U.S. per pound.
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