Prices register weekly gains though
Bullion metals ended lower on Friday, 18 October 2013. Gold and silver futures settled with a loss on Friday, pulling back after a big advance the previous day but tallying a modest weekly gain.
Gold for December delivery fell $8.40, or 0.6%, to settle at $1,314.60 an ounce on the Comex division of the New York Mercantile Exchange. Following a 3.2% surge in prices Thursday, prices settled with a 3.7% gain for the week.
December silver shed 3 cents, or 0.2%, to end at $21.91 an ounce, but after climbing 2.7% on Thursday. It tallied a gain of 3.1% for the week.
Gold prices rallied this week with the bulk of the gains coming on Thursday, following a last-minute congressional deal to fund the government until Jan. 15 and raise the debt ceiling until Feb. 7. That decision sparked widespread ideas that the Federal Reserve won't consider embarking on its tapering of quantitative easing until March at the earliest.
Traders gauged the impact of the U.S. government's 16-day shutdown on the economy and weighed the prospects for the timing of a reduction in the Federal Reserve's bond-buying program as market feels that prices for gold may have reached a short-term bottom.
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