Gold Drops on Week; 2014 Silver Eagle Record Tops 43.5M

21/12/2014 07:01 AST

Gold closed slightly higher Friday, adding to smaller gains from the previous two sessions. As such, losses earlier in the week were barely dented and the yellow metal logged a 2.2% weekly decline, snapping a two-week winning streak and sliding back into the red for the year.

Gold for February delivery on Friday settled up $1.20, or 0.1%, to $1,196 an ounce on the Comex division of the New York Mercantile Exchange. Gold prices may be sticking near this level until 2015, some analysts opine.

"With everyone now focused on the holidays, most analysts are not expecting to see any major movement in the gold price in the next two weeks," noted Neils Christensen of Kitco News. "The trading week in North America will be disrupted as markets are closed on Dec. 25 for Christmas and January 1 for New Year’s Day. Analysts said that liquidity will be extremely leaving most market participants will sitting on the sideline, waiting for activity to pick up in 2015," Christensen added.

Gold prices have slipped $6.30, or 0.5%, since ending 2013 at $1,202.30 an ounce. Though, in another comparison, gold is actually 40 cents higher than its close exactly one year ago.


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