Gold futures fell modestly on Friday, with the COMEX December 2011 contract dipping $9.00, or 0.5%, to $1,756.10 per ounce. The yellow metal traded in a relatively tight range between $1,750 and $1,760 for most of the day .
Despite the sell-off, gold futures posted a weekly gain of 0.5% – its fourth such advance in the past five weeks. On a year-to-date basis, the yellow metal is now higher by 23.7% and on pace for its 11th consecutive annual rise.
COMEX silver futures headed south on Friday alongside gold, by $0.32, or 0.9%, to $34.18 per ounce. Silver is now up 10.4% in 2011.
Precious metals were hurt on Friday by strength in the U.S. dollar, which climbed 0.3% against a basket of foreign currencies. In afternoon trading, the euro fell 0.3% to 1.3775 against the greenback.
Aurizon Launches Second Phase Program in Malartic Gold Camp
- The C$5 million second phase program will include 34,000 meters of diamond drilling on the Marban deposit, updated resource estimates and basic technical studies
- Drilling and technical work is expected to begin in November 2011 and will continue through to the second quarter of 2012
- The objectives of the second phase program include improving the quality of the Marban near surface resources and developing a mineral inventory below -250 meter vertical depth
