Prices gain 0.4% for the week
Bullion prices ended higher on Friday, 17 December 2014. Prices climbed on Friday as a move lower for most U.S. equities and a decline in consumer sentiment buoyed the precious metals' investment appeal, helping prices settle at their highest level in more than five weeks.
Gold for February delivery rose $11.70, or 0.9%, to settle at $1,251.90 an ounce on the Comex division of the New York Mercantile Exchange. Prices finished the week 0.4% higher.
March silver also rose 25 cents, or 1.3%, to end at $20.30 an ounce, for a gain of 0.4% on the week.
Investors mulled the latest U.S. economic data to gauge gold's investment appeal.
The earnings news was the focal point throughout the day. There were some early economic releases, but they didn't have much bearing on today's proceedings. Overall, the economic news was good enough not to create any newfound concerns about the economic recovery. December housing starts slipped 9.8% to an annualized rate of 999,000 units, but the two-month average for starts was the highest since March 2008. Industrial production jumped 0.3%, which was the fifth consecutive month industrial production increased. The preliminary reading for the University of Michigan Consumer Sentiment report for January dipped to 80.4 from 82.5, but the downturn wasn't enough to cause any real concerns.
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