Bullions shine in July

Gold and silver rise 8.5% and 9% in July respectively

Gold futures ended at a record Friday, 29 July 2011 at Comex thriving on bad news about the U.S. economy and after House leaders postponed a vote on the U.S. debt plan.

Gold for December delivery added $15, or 0.9%, to settle at $1,631.20 an ounce on the Comex division of the New York Mercantile Exchange. It earlier traded as high as $1,637.50 an ounce.



Gold gained 1.9% on the week, and on the month advanced 8.5%, having added $128.40 an ounce since the end of June.

Silver tracked gold higher on Friday. September silver added 31 cents, or 0.8%, to trade at $40.11 an ounce.

Silver was flat on the week. It advanced 15% on the month, however.

Problems in Europe remain front and center as Moody's announced it was placing Spain on review for a possible downgrade, and reports linking Italian Finance Minister Tremonti to the mafia continue to surface.

Ahead of the opening bell on Friday, the Commerce Department said gross domestic product expanded at a 1.3% rate in the second quarter, below the 1.6% forecast.

Separately, the Thomson Reuters/University of Michigan gauge of consumer sentiment fell in July to its lowest level since March 2009.