Gold ends higher; silver scores 14% weekly jump

“Precious metals were well supported this week as investors bailed out of equities and [Treasurys] on higher prospects of a September stimulus taper by the [Federal Reserve],” said Mike Meyer, assistant vice president of EverBank World Markets. “The large drop earlier in the year for both gold and silver are now presenting buying opportunities for investors sitting on cash,” he said.

Gold for December delivery GCZ3 +1.04% rose $10.10, or 0.7%, to settle at $1,371 an ounce on the Comex division of the New York Mercantile Exchange. That was the highest close for a most-active contract since June 19, FactSet data show. Read about what’s going on with gold, silver, miners and exchange-traded funds. The yellow metal built on its gain from Thursday, when it staged a haven rally, leaving prices up by $27.50, or 2%.

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