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Gold bounces higher for a weekly gain of 0.5%
SAN FRANCISCO (MarketWatch) — Gold futures settled higher Friday after a hefty loss in the prior session, tallying a 0.5% gain on the week, as traders readied for next week’s Federal Reserve meeting and possible news on the fate of the central bank’s bond-buying program.
Gold for February delivery (CNS:GCG4) tacked on $9.70, or 0.8%, to settle at $1,234.60 an ounce on the Comex division of the New York Mercantile Exchange. Futures prices were up 0.5% from last Friday’s close of $1,229.
Gold prices in the previous session tumbled more than $30 an ounce, their biggest one-day drop since October, amid growing concerns that the Fed could taper its monetary stimulus next week.
March silver also added 15 cents, or 0.8%, to $19.60 an ounce after a drop of 4.4% on Thursday. Prices were up 0.4% from the week-ago close.
“Taper-talk is dominating the headlines ahead of next week’s Fed meeting and we have seen some pretty wild swings in Comex Gold futures as a result,” Tyler Richey, an analyst for the 7:00’s Report, which offers daily markets commentary.
A December/January/March taper of quantitative easing is “largely priced into gold at current levels and we don’t expect much of a move lower unless the amount of taper is materially above $10 billion-$15 billion, he said in emailed comments. The Fed has been buying $85 billion each month in Treasurys and mortgage-related assets since January. http://www.marketwatch.com/story/gold-futures...2013-12-13
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