US gold futures closes higher

Gold futures on the COMEX division of the New York Mercantile Exchange ended a bit higher Friday, but fell more than 3 percent for the week, the biggest weekly loss for gold prices in two and a half months. The most active gold contract for December delivery rose 0.5 dollar, or 0.04 percent, to settle at 1,244.1 dollars per ounce. Data show gold lost 3.4 percent for the week. The weekly loss was the biggest since the week ending Sept. 13, when gold prices lost 5.6 percent. According to market analysts, gold's selloff seems to be slowing around the level of 1,240 dollars, as the market may not want to overreact regarding the U.S. Federal Reserve's tapering timetable. Gold futures on Thursday came under great pressure when mostly upbeat U.S. economic data were viewed as ramping up the possibility that the Fed would cut back on its stimulus program within the next few meetings. Some analysts say, this year has shown that strong Chinese demand for the precious metal can't outweigh the impact of Western fund selling in gold market, at least not yet. Silver contract for December delivery fell 7.2 cents, or 0.36 percent, to close at 19. 862 dollars per ounce.