Gold bounced back from early losses on Friday to hit its highest price in weeks. Underpinning the move by the yellow precious metal, which has been battered for weeks, was a slightly weaker dollar, and hope of a cut in oil production.Gold for December delivery GCZ4, +2.27% rallied $24.10, or 2.1%, to settle ar $1,185.60 an ounce, its highest since it closed at 1,198.60 on Oct. 30. The move higher on Friday still capped an otherwise tough week for gold, which still will leave the metal down 0.4% for the week.
December silver SIZ4, +4.38% soared 69 cents, or 4.4%, to $16.31 an ounce.
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