Bullion was mostly lower this week. Palladium was the exception as it rallied to a 16-month high mid-week and, while it retreated on Thursday and Friday, gained 1.6% from a week ago. Falling for week were gold at 0.2%, silver at 1.6% and palladium at 0.7%.
U.S. bullion prices moved directionally the same way on Friday as they did for the week — gold and silver down and platinum and palladium up. For the week, precious metals gains included 2.5% for palladium and 1.3% for platinum while
Gold prices stepped back for a third session Wednesday as disappointment weighed in over the Fed’s decision to extend its "Operation Twist" instead of starting another round of quantitative easing.
Gold prices pulled back for a second session on Tuesday, although losses over the two days totaled a modest $4.90. Trading volume was light for both as players are a bit on the sidelines as they wait for the Fed to announce its latest monetary policy on Wednesday.
Gold prices advanced on Friday, for the week and for sixth straight session. Gold’s weekly increase came to 2.3%, behind palladium with its rise of 3% and a pick-up for platinum of 4.4%. Silver also logged a weekly gain but it was the most modest in the group at 0.9%.
Gold prices marked a fifth straight day of gains on Thursday despite newly released data showing falling US inflation. The Labor Department said its Consumer Price Index fell 0.3% in May, which is the deepest drop since late 2008.
Gold on Wednesday marked its fourth straight day of modest gains as safe-haven demand provided support. Gold prices for August delivery inched higher by $5.60, or 0.3%, to $1,619.40 an ounce on the Comex division of the New York Mercantile Exchange. The yellow metal traded between $1,607 an ounce and $1,626 an ounce.
Gold prices rose modestly Friday but failed to reach over the significant previous session drop so the yellow metal notched a weekly loss of 1.9%. Other precious metals were down on the day and week. Weekly losses included 0.1% for silver, 0.3% for palladium and 0.6% for platinum.
Gold rebounded Wednesday to reclaim nearly three-quarters of the previous day’s $22.20 loss. Gold prices for August delivery added $14.70, or 0.9%, to hit $1,565.70 an ounce on the Comex division of the New York Mercantile Exchange.
Gold prices advanced for a second session Friday but gains were insufficient to pull them into the black for the week. Other precious metals followed suit on the day and week. Across those metals, weekly New York futures losses included 1.4% for gold, 1.1% for silver, 2.3% for palladium and 2.2% for platinum.