Gold was not the lone commodity to rise during the July-September period. The precious metals complex was rowdy across-the-board with companion quarterly gains of over 25% for silver, nearly 15% for platinum and almost 10% for palladium.
On Friday, gold prices for December delivery shed $6.60 to settle at $1,773.90 an ounce on the Comex in New York. Profit-taking and a stronger U.S. dollar were among reasons analysts cited for the day’s loss.
Although down 0.4% on the day and 0.2% for the week, a 5.1% monthly advance helped secure the best quarter for gold prices since the April-June period in 2010. And the yellow metal has notched a 13.2% increase in 2012, with many market-watchers expecting more advances in the coming days.
"Gold prices are finding underlying support from ultra-loose monetary policy and rising European debt problems and this could give the yellow metal further strength next week," reports Kitco News.
"In the Kitco News Gold Survey, out of 33 participants, 24 responded this week. Of those 24 participants, 20 see prices up, while two see prices down, and two are neutral or see prices moving sideways…
Not everyone is forecasting higher prices. After such a strong rally, a few participants said they were looking for gold to retrace these gains, so they expected prices to be down next week…"
Bloomberg’s weekly gold survey was less bullish. Results show that 15 participants expect higher gold prices next week with 13 bearish and 2 neutral.
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