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Gold Prices Settle Lower; Silver Prices End Marginally Higher

Friday, February 8, 2013 5:06 PM
Gold prices settled lower in trading on Friday as the U.S. dollar strengthened. The precious metal also finished lower for the week, however, the losses were limited. Silver prices, meanwhile, edged higher on Friday. At last check on Friday, spot gold was trading 0.2% lower at around $1,668 an ounce. Gold futures for delivery in April on the Comex division of the New York Mercantile Exchange fell 0.3% to settle at $1,666.90 an ounce. For the week, gold futures fell 0.2%. Speaking to Reuters, Eugen Weinberg, analyst at Commerzbank, said that investor risk appetite will keep gold in check and trade will be very much euro driven after European Central Bank (ECB) President Mario Draghi’s comments. Weinberg further said that prices struggle to find the catalyst for a rally as there is still a general feeling that the euro zone crisis is tailing off, the global economy is recovering and demand for safe havens is not there. Silver prices rose marginally on Friday, with March silver futures settling 0.1% higher at $31.44 an ounce. However, silver futures fell 1.6% for the week. The iShares Silver Trust (ETF) (NYSE: SLV) ended the day 0.07% lower at $30.44, the ProShares Ultra Silver (ETF) (NYSE: AGQ) ended the day 0.15% lower at $46.90, and the ProShares UltraShort Silver (ETF) (NYSE: ZSL) ended the day 0.03% higher at $45.54. Platinum futures for April delivery fell 0.4% to settle at $1,714.70 an ounce. Palladium futures, meanwhile, gained 0.1% to settle at $751.50 an ounce.

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