Investing.com - Gold futures ended Friday’s session little changed near a 16-week high, as demand for the precious metal remained supported amid renewed concerns over the health of Portugal’s banking sector and amid signs that U.S. interest rates will remain on hold for an extended period of time.
On the Comex division of the New York Mercantile Exchange, gold for August delivery slipped 0.13%, or $1.80, on Friday to end the week at $1,321.30 a troy ounce.
Gold hit $1,346.80 an ounce on Thursday, the most since March 19, before settling at $1,339.20, up 1.13%, or $14.90.
Gold prices were likely to find support at $1,312.10, the low from July 7 and resistance at $1,358.00, the high from March 19.
On the week, Comex gold advanced 1.2%, or $16.10 an ounce, the sixth consecutive weekly gain.
Gold prices rallied more than 1% on Thursday as concerns over the fiscal stability of Portugal’s Banco Espirito Santo (LISBON:BES) fuelled demand for safe haven assets, amid fears over the risk of contagion.
Concerns eased slightly on Friday after Portugal’s central bank said it was satisfied that the lender is able to fulfill its capital requirements.
Meanwhile, minutes of the Federal Reserve's June policy meeting released on Wednesday suggested that the central bank is in no rush to raise interest rates.
According to the minutes, officials agreed to end the central bank’s asset purchase program in October, however, little new information was revealed on when the bank could start to hike rates.
In the week ahead, investors will be watching testimony on monetary policy by Fed Chair Janet Yellen, as well as key data on June retail sales.
Data from the Commodities Futures Trading Commission released Friday showed that hedge funds and money managers increased their bullish bets in gold futures in the week ending July 8.
Net longs totaled 144,272 contracts, up 5.1% from net longs of 136,929 in the preceding week.
Also on the Comex, silver for September delivery shed 0.22%, or 4.7 cents, on Friday to settle the week at $21.46 a troy ounce, as traders locked in profits after a sharp rally the day before.
Prices hit $21.63 an ounce on Thursday, the most since March 16, before settling at $21.50, up 2.09%, or 44.0 cents.
The September silver futures contract rose 1.21%, or 26.0 cents, on the week, the sixth straight weekly gain.
Data from the CFTC showed that net silver longs totaled 44,517 contracts as of last week, compared to net longs of 36,697 contracts in the preceding week.
Elsewhere in metals trading, copper for September delivery eased up 0.06%, or 0.2 cents, on Friday to settle at $3.269 a pound by close of trade.
On the week, Comex copper prices inched down 0.03%, or 0.1 cents a pound.
Copper traders looked ahead to a raft of Chinese economic data this week, including reports on second quarter gross domestic product, industrial production and retail sales.
The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.
According to the CFTC, net copper longs totaled 38,367 contracts as of last week, compared to net longs of 24,767 contracts in the preceding week.