Gold prices climbed on Friday, reacting to dovish comments from European Central Bank President Mario Draghi and a surprise rate cut from China’s central bank.Copper and other industrial metals also advanced as investors bet that China’s stimulus efforts will lead to more demand for those commodities from one of the world’s largest economies.
Gold for December delivery GCZ4, +0.89% settled at $1,197.70 an ounce, gaining $12.10 or 0.6% for the day. The contract traded above the $1,200 level that some traders watch closely, but wasn’t able to settle above that mark. December gold advanced 1% for the week.
Silver SIZ4, +1.78% jumped 26 cents, or 1.6%, to settle at $16.40 an ounce, advancing 0.2% for the week.
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