BA:Gold prices ease and might finish lower for the week
Gold prices eased Friday and might finish lower for the week as profit taking by some investors continued to offset lingering economic concerns.
Spot gold was seen trading at $1776.94 an ounce at 1.00 p.m Singapore time while US gold for December delivery was seen trading at $ $1,780.16 an ounce on the comex division of Nymex.
Analysts said the precious yellow metal is likely to end weak for the week as investors continuing selling the metal after equities rebounded and futures margins were raised for a second time this month.
However, lingering concerns over Europe's debt problems and economic concerns in the US could support the metal anytime.
On Thursday, Gold rose $5.90 to finish at $1,763.20 an ounce after falling $134.60 in the past two days. The price of gold is up 8.7 percent this month.
Silver for September delivery rose $1.583 to finish at $40.745 an ounce, September Copper rose 8.1 cents to $4.079 per pound, October Platinum fell $3.90 to $1,822.40 an ounce and September Palladium rose $8 to $751.15 per ounce.
Gold headed for a weekly decline, snapping its longest winning streak in more than four years, as some investors sold the metal after equities rebounded and futures margins were raised for a second time this month.
