Prices register moderate weekly gains also
Bullion prices closed higher on Friday, 03 January 2014, for the second consecutive session, as prices continued their rebound from last year's loss to finish at their highest level in nearly three weeks. Prices increased amid signs of increasing demand for bars and coins. February gold extended Thursday's gains despite the slightly stronger dollar index.
Following Thursday's surge, gold for February delivery tacked on $13.40, or 1.1%, to settle at $1,238.60 an ounce on the Comex division of the New York Mercantile Exchange. Prices gained 2% for the week.
Silver prices gained along with gold on Friday as March silver added 8 cents, or 0.4%, to $20.21 an ounce after an early slip below the $20 mark. Prices for the white metal had jumped almost 4% on Thursday and saw a gain of 0.8% for the week.
In 2013, gold tumbled 28, the most since 1981 and the first drop since 2000. Some investors lost faith in the metal as an alternative investment amid a U.S. equity rally to a record and muted inflation.
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