Gold futures inched higher Friday, but after a two-day dip to levels not seen in four months on the back of increased chatter over the taper timing for the Federal Reserve’s stimulus program, prices were set for a weekly loss.
Gold for December delivery traded $2.30, or 0.2%, higher at $1,245.90 U.S. an ounce on the Comex division of the New York Mercantile Exchange. The February 2014 contract, which was also among the most active, traded at $1,246 U.S. an ounce, up $1.70, or 0.1%.
Tracking the most-active contracts, futures prices for the yellow metal traded around 3.2% lower for the week
December silver added less than a cent to $19.945 U.S. an ounce. The March contract was about flat at $19.98 U.S. an ounce. Futures prices for the white metal were looking at a loss of about 3.7% for the week.
On Thursday, gold futures came under pressure when mostly upbeat U.S. economic data, particularly on the employment front, were viewed as ramping up the possibility that the U.S. Federal Reserve would cut back on its stimulus program within the next few meetings.
Elsewhere in metals trading Friday, January platinum rose $2.40, or 0.2%, to $1,394.10 U.S. an ounce, trading around 3.1% lower than a week ago. December palladium tacked on $4.90, or 0.7%, to $718.15 U.S. an ounce and March palladium traded at $720.65 U.S. an ounce, up $5.05, or 0.7%, with futures prices around 1.9% lower for the week.
December high-grade copper tacked on one cent, or 0.4%, to $3.20 U.S. a pound, while the March copper contract ticked up by a penny to $3.21 U.S. a pound. Prices for the industrial metal were poised for a gain of around 1% for the week.
