Friday saw gold futures salvaging one of the precious metal's worst-performing weeks since September by flirting with the psychological threshold price of $1,600 per troy ounce, Bloomberg reports.
But prospects for the yellowish metal's climb in value next week are dim as only 10 of 21 analysts surveyed by the news service said gold futures will gain. Losses to the metal this week touched 9 percent yet are 20 percent off the record price of $1,923.70 per troy ounce set in early September. Three of those analysts predicted gold will remain even.
"The fundamentals remain positive," president Adrian Day with Adrian Day Asset Management in Maryland told Bloomberg. "Both the European Central Bank and Fed remain easy. After this cleansing, gold will move up again."
At 8:06 a.m. on Friday, gold futures lifted 1.27 percent, a $20.10 gain to $1,597.30 per troy ounce.
Friday also saw the common currency of the European Union increase in value when held against the U.S. dollar though the euro, which is under the duress due to the sovereign debt scourge, is barreling toward its worst performance in week since September, according to Reuters.
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