By Jesse Cohen
Investing.com – Gold prices scored their best weekly gain in three months, with prices of the yellow metal breaking above the $1,900-mark for the since September 2011 on Friday.
for August ended up $7.50, or 0.4%, at $1,897.50 per ounce on New York’s Comex.
It earlier rose to a session high of $1,904.60, its strongest level in nine years, when gold hit a record high of $1,923.70 on September 6, 2011.
For the week, gold rose nearly 5%, rallying for a seventh straight week and posting its biggest weekly advance since the start of April.
At current levels, gold is closing in on its 2011 all-time high.
Many expect the precious metal to continue its surge towards the never-before-seen-level of $2,000 an ounce in the coming weeks.
Gold has surged 24% this year, boosted by low interest rates and a flood of stimulus from the Federal Reserve and U.S. government.
, meanwhile, settled 0.6% lower on Friday at $22.85 per ounce.
Like gold, it too rallied to its best level in years, hitting its highest since September 2013 at $23.64 on Wednesday.
Silver jumped over 15% for the week, its best since 2008, bolstered by hopes for a revival in industrial activity.
To see more of Investing.com’s weekly comics, visit: http://www.investing.com/analysis/comics
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.