Precious metals closed the week split. Gold settled at 4,181.10 dollars an ounce on Friday, up 0.26 percent on the day, holding most of the ground it took when it settled above 4,200 dollars earlier in the week, and finishing 0.83 percent lower on the week. Silver settled at 56.99 dollars, up 0.28 percent on Friday but down 6.06 percent on the week, the weakest performance in the complex.
The rest of the group was steadier. Platinum rose 0.72 percent to 1,633.10 dollars an ounce in Friday settlements and palladium fell 0.88 percent to 1,118.60 dollars, giving back part of Thursday’s lead. Copper, the industrial bellwether, rose 0.30 percent on Friday to 6.53 dollars a pound and fell 1.68 percent on the week, holding up better than the miners: copper miners fell 1.05 percent on Friday and 6.73 percent on the week.
Equity confirmation was partial. Gold miners rose 0.79 percent on Friday and silver miners 0.24 percent, but both finished the week lower, down 1.76 percent and 5.01 percent respectively. The pattern, a firm gold price, a heavy silver tape and lagging miners, is consistent with the defensive bid staying in the metal itself while the speculative and equity legs of the trade are trimmed into the weekend.