Prices suffer big weekly losses
Gold futures settled on Friday, 22 February 2013 at their lowest level since July, as sellers came to the forefront and concerns that the Federal Reserve will reconsider its quantitative easing program fueled a loss of more than 2% for the week.
Gold for delivery in April fell by $5.80, or 0.4%, to settle at $1,572.80 an ounce on the Comex division of the New York Mercantile Exchange, suffering a loss of 2.3% for the week.
Silver futures for March delivery fell 24 cents, or 0.8%, to end at $28.46 an ounce, 4.7% lower than a week ago.
The dollar index, which weighs the strength of the dollar against a basket of six other currencies rose by 0.15% on Friday.
US stocks began the session on a positive note amid upbeat European trade. The bullish bias across the old continent was attributed in part to a better-than-expected Ifo Business Climate Survey out of Germany.
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With no domestic economic data of note, attention was centered mostly on earnings as several notable companies reported their results.
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