Gold ends 2% lower, Silver 1.3% for the week

Gold and silver manged to close higher again Friday after Europe agrees for new fiscal policies to fight debt crisis.

Gold for February delivery closed at $1716.80 an ounce on the comex here while silver added 71 cents and closed at $32.25 an ounce Friday.

Analysts said European leaders agreement to accept tougher fiscal standards also influenced the yellow metal.

European Union summit ended Friday with euro-zone leaders supporting new plans to boost the currency union’s financial backstop through funds administered by the International Monetary Fund.

However, the precious yellow metal closed the week on a two percent low while silver closed down 1.3% on the week.

Palladium ended 6.3 percent higher for the week.

Analysts said a lower dollar and rising US stocks also hepled the gold to maintain its position during the last day of the week.

The euro was at $1.3387 from Thursday’s $1.3341. Against the yen, the dollar was 77.65 yen from Thursday’s 77.64 yen. – BullionStreet

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Posted by Silver Guru on Dec 10 2011. Filed under Silver prices. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry