Gold eased Friday yet prices still advanced 0.9% for the week as safe-haven buying powered gains in earlier sessions.
Gold has notched three straight weekly increases, but other precious metals have fallen for two with the latest weekly losses at 0.5% for silver, 0.7% for platinum and 1.8% for palladium.
Falling from a three-week high, gold for April delivery declined Friday by $7.70, or 0.5%, to settle at $1,606.10 an ounce on the Comex in New York. Gold was pressured on the day, opined analysts, as optimism emerged that Cyprus would cut a deal to free up EU bailout money.
Friday’s “rebound in the euro, which has weighed on gold, is suggestive of some expectation that Cyprus and the troika will cobble together a plan B before Monday’s deadline,” MarketWatch quoted Peter Grant, chief market analyst at USAGold. “However, deal or no deal, Cyprus — like some of the other Southern European countries — doesn’t have an easy road ahead.”
Many market-watchers expect that news relating to Cyprus will continue to impact gold prices next week, and for the better.