Gold futures ended lower Friday, snapping a two-day winning streak as investors shied away from the metal amid a lack of catalysts to spur flight-to-safety buying.
Commodities and stocks got an early a boost from a better-than-expected report on the U.S. job market, but that lift was short-lived as traders looked closer at the numbers.
Debt downgrades for Italy and Spain brought back fears about Europe’s sovereign-debt crisis, but the news, coming late in gold’s session, failed to boost bullion prices.
Gold for December delivery lost $17.40, or 1.1% to $1,635.80 U.S. an ounce on the Comex division of the New York Mercantile Exchange. On the week, however, gold gained 0.8%, which snapped a four-week losing streak for the metal.
Other metals ended the day mostly lower, with silver leading losses. Copper bucked the trend, however, ending higher.
December silver declined $1.01, or 3.2%, to $30.99 u.S. an ounce. On the week, silver rose 3%, also breaking away with losses in the four previous weeks.
Copper for December delivery added three cents, or 0.8%, to end at $3.27 U.S. a pound. Weekly gains for copper reached 3.8%. Like silver and gold’s weekly gain, copper’s snapped losses for four weeks in a row.
Gold and most commodities have been trading sideways in recent sessions.
Platinum and palladium joined silver and gold lower. January platinum lost $14.80, or 1%, to $1,493.30 U.S. an ounce. December palladium declined $12.95, or 2.2%, to $585.85 U.S. an ounce.
On the week, palladium lost 4.7% and platinum 1.7%.
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