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Metals Stocks: Gold ends at 5-week high, books weekly gain, in final session before Christmas break

Gold futures climbed Thursday, to finish in positive territory for the day and week, ahead of the Christmas holiday Friday, after several sessions highlighted by concerns that the spread of the omicron variant of the coronavirus may impact the economic outlook in the new year.

Many global markets will be closed on Friday in observance of Christmas.

Futures for gold for February delivery GCG22, +0.44% GC00, +0.44% traded $9.50, or 0.5%, higher to settle at $1,811.70 an ounce, marking the highest settlement since Nov. 19.

Gold also eked out a positive finish for the week, up 0.4%, to log its third straight weekly advance, FactSet data show. For the year, gold is looking at a 4.4% decline thus far.

“Gold and silver have churned through a relatively difficult year. More than anything else, gold has been held back by taper/rising rate fears … and their positive knock-on effect on the U.S. dollar,” wrote Peter Grosskopf, CEO of metals-focused investment manager Sprott, in a research report published Wednesday.

Meanwhile, March silver SIH22, +0.44% picked up 12.1 cents, or 0.5%, to close at $22.94 an ounce, representing the highest finish since Nov. 26, following a Tuesday gain of 1.3%. Futures booked a weekly advance of 1.8%. For the year, however, the silver contract is down 13.2%.

Elsewhere on Comex, March copper HGH22, +0.11% added less than a penny to settle less than 0.1% higher at $4.3925 a pound, following a 1% gain on Thursday. For the week, copper was looking at a roughly 2.3% advance and was up 25% in the year to date.

January platinum PLF22, +0.78% added $6.70, or 0.7%, to settle at $975.10 an ounce, following a 4.4% rise in the previous session. Platinum marked a 4.3% weekly advance, which brought the year-to-date loss to 9.7%.

Palladium for March delivery PAH22, +3.29%, meanwhile, rose $67.60, or 3.6%, to close at $1956.90 an ounce, after a 5.4% gain on Wednesday, which helped futures to notch a weekly climb of almost 10%, bringing the 2021 decline to a loss of 20%.

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