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Gold Prices End Above $1,660, But Log Weekly Loss: Report

Gold futures rose Friday, with bargain hunters and short covering leading the precious metal to its first gain in three sessions, MarketWatch reported.

Gold for February delivery advanced $14.20, or 0.9%, to settle at $1,660.10 an ounce on the Comex division of the New York Mercantile Exchange.

But Friday's gain wasn't enough to stave off a weekly loss, leaving the contract down 2.2%.

Gold on Friday found a modest safe-haven bid after House Republicans canceled a vote to raise taxes on top U.S. earners, a move that stoked worries that talks to avert the so-called fiscal cliff will fail.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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