Gold tapped the $1,400-an-ounce level for the first time since 2013 on Friday, as investors continued to bet on easier monetary policy from the Federal Reserve and other central banks. But then the metal started backtracking.
August gold rose as high as $1,415.40 an ounce, earlier on Friday, but then began backing away. The metal last traded down $9.20, or 0.7%, to $1,387.40 an ounce. On Thursday, the contract soared $48.10, or 3.6%, to settle at $1,396.90 an ounce, its highest finish since September 2013 based on most-active contracts.
It was also the biggest one-day dollar and percentage gain since June 2016, according Dow Jones Market Data.
And with the week nearly over, gold stands to gain 3.2%.
July silver fell 2% to $15.180 an ounce, after seeing its highest finish since late March on Thursday.
Source : Market Watch