Gold futures reclaimed the $1,200-U.S.-an-ounce level on Friday as traders attempted to recover from a more than 3% drop in the prior session that sent prices to their lowest settlement in three years.
Gold for February delivery tacked on $9.90, or 0.8%, to $1,203.50 U.S. an ounce on the Comex division of the New York Mercantile Exchange. For the week, prices traded 2.6% lower.
On Thursday, gold futures lost 3.4% or $10.40 to $1,193.60 U.S. an ounce, their lowest settlement in more than three years and the biggest single-session loss since late June, pressured by the Federal Reserve’s January tapering plans and a rally in the U.S. dollar.
March silver added 26 cents, or 1.4%, to $19.45 U.S. an ounce in the latest dealings, after suffering a 4.4% drop on Thursday. Prices were set for a loss of 0.9% on the week.
Gold futures prices were down about 29% for the year, ready to log their first yearly loss in 13 years.
In economic news on Friday, the government revised up its estimate for U.S. third-quarter economic growth to 4.1%, topping expectations. Gross domestic product got a lift from increased consumer spending and more business investment in intellectual property such as software.
Elsewhere in metals trading, January platinum added $13.80, or 1.1%, to $1,332.20 U.S. an ounce while March palladium tacked on $4.45, or 0.6%, to $700.75 U.S. an ounce. Both metals were poised for losses of around 2% for the week. High-grade copper for March delivery added two cents, or 0.6%, to $3.315 U.S. a pound, little changed from a week ago.
