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Gold,silver set for lower weekly finish again

Gold recoverd in Asian trade Friday but likely to end the week on a losing note as investors set to raise cash ahead of year end.

Gold for immediate delivery was seen trading at $1585.34 an ounce at 12.00 noon Singapore time while US gold for February delivery was seen trading at $1587.41 an ounce on the comex division of Nymex.

Silver prices also recovered as spot silver gained 1 percent to $29.41.

However the white metal too set to go south for the week, likely to dip 9 percent this week, its sharpest since late September.

Analysts said the precious metal is likely to extend gains during the day but unlikely to finish higher as year end rush for cash offset other supporting factors.

Spanish bond auction and positive US jobs data gave some reprieve to all commodities including gold Thursday, which have suffered heavy losses this week.

Investors are also concerned that euro zone’s problem will drag well into 2012, which may further boost the dollar and depress dollar-denominated commodities.

Meanwhile, world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, said its holdings fell 1.1 percent to a one-month low of 1,279.98 tonnes.

On Thursday, gold for February delivery fell $9.70 to finish at $1,577.20 an ounce. – Source: BullionStreet

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Posted by on Dec 16 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

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