Gold futures rose modestly on Friday, with the COMEX February 2012 contract
settling higher by $11.50, or 0.7%, at $1,751.30 per ounce. The yellow metal
initially climbed to an intra-day high of $1,767.10 per ounce following release
of the U.S. employment report, but pared its gains as trading progressed amid a
rebound in the U.S. dollar. George Gero, precious metals strategist at RBC
Capital Markets, wrote in a note to clients that Gold traders and investors seem
more optimistic about recovery, looking at jobs figures and euro-zone
pronouncements and stimulus, and more important, the inflationary aspects of
this. With its advance, gold futures extended their weekly gain to 3.9% and
snapped a two-week losing streak. Other precious metals rose considerably this
week as well.
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