{"id":37329,"date":"2012-11-10T04:15:00","date_gmt":"2012-11-10T04:15:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-settle-higher-posts-over-3-weekly-gains\/37329\/"},"modified":"2012-11-10T04:15:00","modified_gmt":"2012-11-10T04:15:00","slug":"gold-prices-settle-higher-posts-over-3-weekly-gains","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-settle-higher-posts-over-3-weekly-gains\/37329\/","title":{"rendered":"Gold Prices Settle Higher, Posts Over 3% Weekly Gains"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold prices<\/a> edged higher on Friday, posting over 3% weekly gains as global investors sought the safety in safe haven assets in the backdrop of macroeconomic uncertainty which has arisen due to looming threat of fiscal cliff and resurfacing of the debt crisis in Greece while an improved economic data from China also lifted metal\u2019s outlook.<\/p>\n<p><span id=\"more-37329\"><\/span><\/p>\n<p>U.S. <a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">gold<\/a> futures for December delivery edged up 0.3% or $4.90 an ounce to settle at $1,730.90.<\/p>\n<p>The SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\" target=\"_blank\" rel=\"noopener\">NYSE: GLD<\/a>) 0.10% lower at $167.82.<\/p>\n<p>On Friday, President Obama delivering his first policy speech ever since he was reelected to lead the Whitehouse said that he was \u201copen to compromise\u201d on\u00a0 the issue of fiscal cliff with the congress so that the U.S. economy does not drift towards abyss.<\/p>\n<p>Fiscal cliff, if introduced from the next year, could potentially push the U.S. economy back into recession as it will entail tax increases and spending cuts worth $600 billion. The congress has time until December to reach over an agreement on how to cut the fiscal deficit.<\/p>\n<p>In Europe, the debit crisis, which has haunted the 17-nation monetary union\u2019s economy for over 2-1\/2 years resurfaced again as it was still unclear whether Greece will be offered another round of rescue funds. Although the Greek Parliament, earlier during the week approved the new round of austerity measures with a slightest of majority, German finance minister Wolfgang Schaeuble said that coming week will be too early to decide on whether Greece is eligible for additional financial assistance from the Troika (European Central Bank, the International Monetary Fund and the European Central Bank).<\/p>\n<p>\u201cGold is again acting as the haven as &#8230; the fiscal cliff looms, and euro zone woes increase. More gold buyers are initiating positions going forward,\u201d said George Gero, vice president at RBC Capital Markets in a note to investors.<\/p>\n<p>Echoing the same sentiment, Ben Traynor, chief economist at BullionVault said in a note to investors, \u201cStocks have struggled, but the classic safe havens of gold and the dollar have both had a good week.\u201d<\/p>\n<p>Adding support to <a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">gold prices<\/a> was the latest economic data from China, which pointed towards marked improvement in the economy in October. While infrastructure spending accelerated and factory output rose at a fastest pace in last five months, automobile sale jumped 5.3% during October.<\/p>\n<p>Growing Chinese economy augurs well for gold prices as it would result in increased investments in gold even as the demand for Jewelry from the burgeoning middle class would grow.<\/p>\n<p>According to Philip Klapwijk, the global head of metals at consultancy Thomson Reuters GFMS, the demand for gold in China is expected to soar by 1 percent in the current year to nearly 860 tons as strong demand for Jewelry industry and rising investments in the yellow metal boosted the its consumption.<\/p>\n<p>Besides ongoing quantitative easing would prompt investors in China to hold more gold as excessive currency printing could result in the debasement of value of U.S. bonds, said James West, portfolio adviser to the Midas Letter Opportunity Fund.<\/p>\n<p>Nevertheless, a firmer dollar could hamper gold\u2019s advancement. The ICE dollar Index, a gauge on U.S. unit\u2019s performance against a basket of six major traded currencies, rose to 81.025 in most recent trading from 80.807 on Thursday. In general, gold prices and U.S. dollar move in opposite direction as most commodities which are internationally priced in US dollars, become expensive when greenback strengthens for traders dealing on foreign currencies.<\/p>\n<p>\u201cGold may struggle to maintain its momentum if the dollar keeps strengthening,\u201d warned Traynor.<\/p>\n<p>In some other markets, <a href=\"https:\/\/stockmarketwatch.com\/metal\/silver-price.aspx\" data-internallinksmanager029f6b8e52c=\"5\" title=\"silver price today\">silver<\/a> futures for December delivery climbed 1.1 % to $32.60 an ounce. Platinum futures for January delivery gained 1.1% to close at $1,559.40 an ounce while palladium futures for December delivery edged up 0.5% to settle at $611.05 an ounce.<\/p>\n<p>&nbsp;<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"www2.thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20121113075947\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Fgold-prices-settle-higher-posts-over-3-weekly-gains%2F37329&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-remained-unchanged-on-low-volume-trading-day\/37423\">\nGold Prices Remained Unchanged On Low Volume Trading Day<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/market-update-after-hours-november-12\/37421\">\nMarket Update After Hours November 12<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-flat-amid-worries-over-fiscal-cliff-euro-zone-debt-crisis\/37399\">\nStocks End Flat Amid Worries over Fiscal Cliff, Euro Zone Debt Crisis<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-end-flat-silver-prices-slip\/37398\">\nGold Prices End Flat; Silver Prices Slip<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-marginally-higher-in-late-trading-7\/37397\">\nStocks Marginally Higher in Late Trading<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/u-s-stocks-swing-into-red-territory\/37392\">\nU.S. Stocks Swing into Red Territory<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/spectrum-brands-holdings-spb-acquires-majority-interest-in-shaser-bioscience-inc\/37379\">\nSpectrum Brands Holdings &#8211; SPB &#8211; Acquires Majority Interest in Shaser Bioscience, Inc.<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20121113075947im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n<script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script>\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices edged higher on Friday, posting over 3% weekly gains as global investors sought the safety in safe haven [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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