Gold futures settled lower Friday, with the COMEX December 2011 contract finishing down $13.40, or 0.8%, at $1,711.80 per ounce amid widespread liquidation in financial markets.
However, the yellow metal staged an impressive comeback as trading progressed, as it rebounded from an intra-day low of $1,681.20 per ounce.
The spot price of gold even turned positive this afternoon, by $3.31 at $1,718.24 per ounce.
Silver futures followed a similar path to the yellow metal, as they too recaptured the large majority of their losses. Gold’s sister precious metal tumbled to as low as $32.11 per ounce this morning, but climbed back to $33.23 this afternoon.
The bounce back in gold and silver coincided with the U.S. dollar paring its gains against a basket of the world’s leading currencies. However, the U.S. Dollar Index remained higher by 1.0% at 77.30 in afternoon trading.
Extorre Gold Mines Completes Resource Drilling at Zoe
- Recent drill results include further high gold-silver grades from the Zoe discovery.
- Assays included 2.0 meters at 13.0 grams per tonne (g/t) gold and 457.6 g/t silver at hole MD1300.
- Drilling with at least 5 rigs will continue to test high priority targets on the Zoe structure and elsewhere on the property.