Mixed finish for bullions

Gold manages to eke out gains but silver drops on Friday Precious metals ended mixed at Comex on Friday, 08 June 2012. Gold futures finished lower for the week on Friday, 08 June 2012 as recent comments by the top U.S. central banker squashed hopes of immediate stimulus lifting the dollar. Gold, however, ended Friday's session on a positive note, with traders unwilling to short the metal ahead of a weekend of potential gold market-moving developments. But silver prices ended lower for the day. Gold for August delivery tacked on $3.40, or 0.2%, to settle at $1,591.40 an ounce on the Comex division of the New York Mercantile Exchange, rebounding after touching a low of $1,556.40 on Friday. Prices ended 1.9% lower for the week. July silver fell 6 cents, or 0.2%, to $28.47 an ounce on Friday, finishing 0.1% lower for the week. Gold's late-session gains on Friday came despite pressure from a stronger greenback on most other dollar-denominated commodities prices. The dollar index, which weighs the strength of the dollar against a basket of six other currencies rose by 0.3%. Metals traders also digested the latest news on the economic front. On Friday, U.S. data covering the month of April showed that the nation's trade deficit shrank as exports retreated for the first time since November, while wholesale inventories gained 0.6% on the month to a seasonally adjusted $483.5 billion. In Germany, exports sank 1.7% in April from a month earlier, marking the first decline in exports this year. China surprised investors on Thursday with its first interest rate cut since late 2008 that initially buoyed financial markets, until worries emerged that the move may be aimed at pre-empting a slew of gloomy economic data for May. Chinese economic data and the potential funding needs for Spain and Cyprus will influence the markets early next week, while the June 17 Greek elections will become a greater influence toward the week's end. That may lead to range-bound trade in most markets, including gold, market as investors might want to just play it safe to avoid being caught in a losing position.