Gold futures inched higher on Friday, with the COMEX December 2011 contract settling with a gain of $2.00, or 0.1%, at $1,859.50 per ounce.
However, the fractional advance was not enough to return the yellow metal into positive territory for the week. Gold futures posted a weekly loss of $17.40, or 0.9%, despite having reached a new all-time record high of $1,923.70 per ounce on September 6.
In contrast to the yellow metal, gold equities looked to finish the week with gains. The AMEX Gold Bugs Index (HUI) was lower by 1.2% at 627.41 this afternoon, but remained higher by 1.5% this week.
COMEX silver futures, per the December 2011 contract, slid both on Friday and on the week. Today gold’s sister precious metal fell $0.91, or 2.1%, to $41.62 per oune. For the week, silver dropped $1.03, or 3.4%.
Platinum and palladium also declined this week, by 2.5% and 5.7%, respectively.
Claude Resources Hits High Grade Gold at Seabee
Claude is now planning to drill an additional 20,000m this year at its Seabee Gold Operation, bringing year end drilling to approximately 100,000m. Exploration targets include the Seabee Gold Mine, the Santoy 8 Gold Mine, Santoy Gap, L62 Zone and Neptune. Full Claude Resources Press Release.
