Gold closes off for day, week

Posted on Oct 26, 2012 in Business | 0 comments

Gold prices were off Friday, losing $1.10 to settle at $1,711.90 an ounce on the New York Mercantile’s Comex Division and ending the week down.

Gold, which added $11.40 Thursday, finished the week off 0.7 percent.

Prices spent most of Friday’s session in positive territory as data showing that the U.S. economy grew at a faster rate than expected in the third quarter added to the precious metal’s appeal as an inflation hedge, Ben Traynor, chief economist at BullionVault, told MarketWatch.com.

“The U.S. GDP [gross domestic product] release has lifted a bit of gloom from the markets,” Traynor said.

But “there remains a whiff of bearishness” in the gold market, he added.

Silver lost 4 cents and settled at $32.04 an ounce, with prices down 0.2 percent for the week.

The euro was $1.2935 from $1.2936 Thursday. Against the yen, the dollar was 79.62 yen from 80.34 yen.

Copyright 2012 by United Press International