Gold suffers largest weekly loss in ten weeks
Gold futures closed with a slight gain on Friday, 22 November 2013 at Comex but suffered their largest weekly loss in 10 weeks on the back of increased chatter over the taper timing for the Federal Reserve's stimulus program. Contributing further pressure on gold prices has been a strong U.S. stock market.
Gold for December delivery rose 50 cents to settle at $1,244.10 an ounce on the Comex division of the New York Mercantile Exchange. The February 2014 contract which was also among the most active, ended at $1,244.60 an ounce, up 30 cents. Futures prices for the yellow metal settled 3.4% lower for the week.
December silver lost 7 cents, or 0.4%, to $19.86 an ounce. The March contract ended at $19.90 an ounce, down 7.5 cents, or 0.4%. Futures prices for the white metal saw a loss of about 4.2% for the week.
Minutes from the Federal Reserve's October meeting, released earlier this week, showed officials considered going back to a calendar date to end asset purchases or setting a total size to its bond buys. The asset-purchase program has been supportive for dollar-denominated gold prices.
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