Steady finish for bullions on a weekly basis

Prices end little lower on Friday

Gold prices at Comex closed lower on Friday, 17 February 2012 as the precious metal lost some of its allure amid hopes Europe's leaders will agree to back a financial bailout for Greece next week. But limiting losses were data from the World Gold Council on earlier during the week. Traders also focussed over rising oil prices and data showing that U.S. consumer prices rose a little less than expected last month.

Gold for December delivery fell $2.50, or 0.1%, to settle at $1,725.90 an ounce on the Comex division of the New York Mercantile Exchange on Friday. It was flat on the week.



Silver for March delivery fell 15 cents, or 0.5%, to $33.22 an ounce on friday. Silver lost 1.1% this week, down for three consecutive weeks.

Supportive for gold, data from the World Gold Council earlier during the week revealed record investment demand lifted global gold demand to an all-time high in 2011, with China and India generating 49% of demand. Those two countries also accounted for 55% of global jewelry demand for gold last year.

There were reports that European leaders were moving closer to securing a second bailout for Greece, despite apparent friction between that country and Germany.

Data released Friday from the U.S. Labor Department showed that consumer prices for January rose a seasonally adjusted 0.2%, slightly below expectations of a 0.3% increase, but the biggest increase since September, 2011.