Gold futures snapped a two-week losing streak despite a fractional decline on Friday.
COMEX gold futures, per the February 2012 contract, settled lower by $4.60, or 0.2%, at $1,606.00 per ounce. For the week, however, the yellow metal advanced 0.5% and extended its year-to-date gain to 13.1%.
Silver futures finished near unchanged at $29.08 per ounce on Friday, but posted a weekly loss of 2.0%. In doing so, gold’s sister precious metal dropped for the third straight week and extended its loss in 2011 to 6.0%.
The mixed action in precious metals this week came despite considerable stability in the U.S. dollar, particularly against the euro currency. The euro began the week near 1.3040 against the U.S. dollar, rose toward the 1.32 level on Wednesday, but subsequently relinquished its gains as the week drew to a close.
Colossus Hits More High-Grade Gold at Serra Pelada
- Hole SPD-120 intersected several high-grade subzones within a continuously mineralized intercept of 74.35m grading 15.45 grams per tonne (g/t) gold, 4.54 g/t platinum and 7.04 g/t palladium in the Central Mineralized Zone (CMZ)
- Hole SPD-118 intersected 6.61m at 44.40 g/t gold, 0.69 g/t platinum and 0.62 g/t palladium extending a high grade, upper-limb mineralized subzone onto Section 125SW
- The Company noted that the latest drill results are significant as they extend the CMZ high-grade subzones and widen the GT Zone
