Gold rises Friday but reports weekly losses

Gold futures on the COMEX division of the New York Mercantile Exchange rose Friday but still ended the week in losses. The most active gold contract for February delivery rose 3.7 dollars, or 0.22 percent, to settle at 1,705.5 dollars per ounce. Even so, the gold futures still ended the week with a loss of 0. 4 percent. Gold gained strength from the better-than-expected U.S. job data. The U.S. Labor Department said Friday some 146,000 jobs were added in November, and the unemployment rate fell to 7.7 percent, the lowest level since December 2008. The fiscal cliff uncertainty and the possibility that the Federal Reserve may purchase more assets in the new year also lent support to gold. Furthermore, the enthusiasm of gold investment in Asia is expected to be strong in 2013. Market analysts hold that gold has found support at around 1, 700 dollars per ounce Silver for March delivery gained 1.7 cents, or 0.05 percent, to close at 33.131 dollars per ounce. Platinum for January delivery increased 6.3 dollars, or 0.39 percent, to close at 1,607 dollars per ounce.