Gold futures ended modestly higher Friday, recouping some of their recent losses as investors spent the day split between a dash for cash and rush for the relative safety of the precious metal but decided on the latter as closing approached.
Gold seesawed during the session but in the end investors chose to enter the weekend with some of the metal in their portfolios.
Gold for December delivery rose $4.90, or 0.3%, to $1,725.10 U.S. an ounce on the Comex division of the New York Mercantile Exchange.
That brought weekly losses to 3.5%, snapping a three-week winning run for the metal.
Gold was under pressure for most of the day as many large funds have been selling positions in gold and other commodities, according to some experts, who added that support was coming from some safe-haven buying ahead of the weekend.
In order for gold prices to rise, U.S. stock markets will also need to rise, other observers said. On a technical basis, the failure of Comex gold to break and trade over $1,741 U.S. during the session may result in a fall to $1,705 U.S. and $1,686 U.S.
Gold appeared unfazed by data showing that the risk of recession has receded. The U.S. Conference Board on Friday reported that its index of leading economic indicators grew 0.9% in October, the largest growth since February.
Other metals traded higher Friday, with silver leading the pack.
December silver added 92 cents, or 2.9%, to end at $32.42 U.S. an ounce.
December copper finished at $3.40 U.S. a pound, up two cents, or 0.6%.
