A roaring rally in metals has cooled somewhat on Friday, with gold seeing a modest pullback after notching yet another record high, while silver and platinum see steeper declines.
December gold futures were off by 0.8% on the day in recent trading, at $4,273 an ounce. Platinum futures for January delivery were down 7.7% at $1,550.00, on track for the worst session for the most-active contract since April 4, according to Dow Jones Market Data.
Silver futures for December were down 4.8% at $50.72 an ounce, also on track for the worst session since April 4.
Prices of all three metals have risen substantially this year.
“Gold climbed above USD 4,380 per ounce on Friday, setting yet another record before easing slightly, as investors continued to favor the metal amid global uncertainty and growing expectations of further U.S. monetary easing. Despite some profit-taking, bullion remains on track for its ninth consecutive weekly gain,” said Daniel Takieddine, co-founder and CEO at SkyLinks Capital Group.