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  • Gold Ends a Tad Higher, Weekly Gain 0.7 Percent

    Published on August 28, 2010

    Gold futures on the COMEX Division of the New York Mercantile Exchange closed a tad higher on Friday, after seesawing most of the session. The prices were caught between the rally in U.S. dollars and the macroeconomic jitters prompted by comments from U.S Federal Reserve Chairman Ben Bernanke. Silver advanced, but platinum ended moderately lower.

    The most active gold contract for December delivery added 20 cents, to finish at 1,237.9 dollars per ounce.

    The U.S. Federal Reserve Chairman Ben Bernanke said on Friday the central bank is ready to do what it takes to bolster U.S. economic recovery which has been losing steam.

    Gold climbed earlier Friday as dollar retreated after U.S. Commerce Department revised the second quarter GDP estimates from 2.4 percent to 1.6 percent, which is still higher than economists’ expectation of 1.3 percent.

    As dollar rebounded immediately after Bernanke’s speech, gold gave back the most of the earlier gains later in the session. But the losses of gold was kept in check as Bernanke’s comments about the sluggish economic growth underscored investors concern and enhanced gold’s appeal as an safe-haven.

    Gold has gained 0.7 percent this week, as fretful investors embraced the metal’s safe-haven properties to protect their wealth in times of economic uncertainty.

    December silver rose 5.2 cents, or 0.3 percent, to settle at 19. 074 dollars per ounce. October platinum dipped 2.9 dollars, or 0.2 percent, to 1,537 dollars per ounce.