Gold futures rebounded Friday to snap a four-day losing streak amid a broad-based rally on Wall Street. COMEX gold for December 2011 delivery – the most actively traded contract – settled higher by $23.20, or 1.4%, at $1,636.10 per ounce.
In doing so, the gold futures cut their weekly loss to $46.90, or 2.8%. However, on a month-to-date basis the yellow metal remains higher by 0.9% and by 15.3% year-to-date.
Silver futures climbed higher as well on Friday, by $0.91, or 3.0%, to $31.19 per ounce. With the advance, gold’s sister precious metal reduced its weekly loss to 3.0%. However, silver remains higher by 4.2% in October and by 0.8% in 2011.
Today’s strength in precious metals was bolstered by weakness in the U.S. dollar, particularly against the euro and yen. The euro zone currency rose 0.6% to 1.3863 against the dollar as European policymakers began a six-day stretch of meetings to formulate a more robust plan to combat the sovereign debt crisis. Against the yen, the dollar tumbled to 75.78, a new all-time low.
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