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. Golds
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 worlds
leading currencies.
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