Gold Futures Recover Majority of Earlier Losses

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DG365FD46564GFH654FU898 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.