Gold settles higher, still suffers a loss for the week

Gold futures settled higher on Friday to end a five-session streak of losses as growing concerns that Greece’s debt woes will drag on, even if an agreement on bailout funding is reached next week, helped buoy the metal’s investment appeal.

Prices still suffered their first weekly loss in three weeks, down roughly 2.4% from last Friday’s settlement.

August gold GCQ5, +0.69%  added $1.40, or 0.1%, to settle at $1,173.20 an ounce on Comex. That was the first session gain since June 18, based on the most-active contracts.

September silver SIU5, +0.68%  ended down 7.3 cents, or 0.5%, at $15.768 an ounce, for about a 2.3% weekly decline.

“The gold price reflects the fight between bulls who see a ‘Grexit’ coming, versus bears who believe in an improving [U.S.] economy and rising interest rates,” said Taki Tsaklanos, head of research at Secular Investor.

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