Saturday, May 4th 11:33 AM IST

Gold gains 0.7%, Silver 1% for the week

# gold  # comex  # nymex  # debt crisis  

The July silver contract climbed 18 cents, or 0.8%, to end at $24.01 an ounce, up 1% from a week ago.

NEW YORK(BullionStreet): Gold gained 0.7 percent for the week while silver ended the week with a 1 percent gain.

However, gold futures ended lower Friday after the precious metal lost some of its safe haven appeal on some upbeat jobs data with employment in the U.S. increasing more than expected in April.

Gold for June delivery, the most actively traded contract, dipped $3.40 or 0.2 percent to close at $1,464.20 an ounce Friday on the Comex division of the New York Mercantile Exchange.

The losses were somewhat checked with gold continuing to gain from the European Central Bank decision to cut interest rates to a record low.

Gold for June delivery scaled an intraday high of $1,487.20 and a low of $1,455.40 an ounce.

The July silver contract climbed 18 cents, or 0.8%, to end at $24.01 an ounce, up 1% from a week ago.

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