Gold Prices Gain, WTI Crude oil Delivery Closed Low

Gold and oil commodities just about managed to finish the week on a slightly higher note Friday as global markets remained highly volatile on concerns about a recession in the US.

WTI crude for September delivery closed at $86.88 a barrel after hitting as low as $82.87 a barrel in early trade while London?s Brent crude ended for the week at $109.37 a barrel, up by $2.12 a barrel.

Meanwhile, the yellow metal suffered a single day loss Friday as comex gold fell $7.20, or 0.4 percent, to $1,651.80 an ounce.

However gold prices gained 1.3 percent for the week as investors worried about whether the global economy was retreating into a recession.

Analysts said the precious metal took advantage of economic worries in Europe and the United States.

They added that most investors chose to ignore Friday?s US job gains and focused on lingering concerns about the global economy.

The black Gold dropped nearly two percent on Friday while industrial metals also suffered significvant losses at the week.

Gold managed to end the week mainly on its nearly two percent gains achieved during earlier days of the week during the week.

Silver lost $1.22, or 3.1 percent, to $38.21 an ounce Friday .Silver on the other hand lost 1.4 percent for the week.

September Copper lost 12 cents, or 2.8%, to $4.12 a pound. Copper lost 0.5% on the week.

October Platinum dropped $10.30, or 0.6%, to $1,719.10 an ounce. Platinum gained 0.9% on the week while September Palladium lost $11.20, or 1.5%, to $741.75 an ounce. Palladium gained 1.8% on the week.

The dollar index which compares the U.S. unit to a basket of six currencies, declined to 74.582 from 75.109 late Thursday.