Gold Futures Snap Two-Week Losing Skid With 3.9% Rally

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DG365FD46564GFH654FU898 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.