US gold futures ended lower on Friday, retreating from session highs as investors took profits after a week in which turmoil in Libya pushed crude oil prices sharply higher, fuelling inflation fears. COMEX April gold futures settled down $6.5 at $1,409.3 an ounce on the COMEX division of the NYMEX.
Ranged from $1,400.1 to $1,412.4 an ounce. The April contract gained 1.5 percent this week as investors sought gold as a safe haven after a popular uprising against Libya's ruler Muammar Gaddafi closed in on his main power base in capital Tripoli. French estimates say some 2,000 people may have died.
Inflation is just a question of when due to the rise of commodities prices and huge US budget deficit - Fred Demler, head of commodities at futures broker MF Global. Fears over supply disruption from oil exporter Libya and potential unrest in other major producers in the Middle East have sent US light sweet crude futures 14 percent higher, their biggest weekly gain since March 2009.
Spot gold rose 0.5 percent to $1,409 an ounce by 2:37 pm EST (1937 GMT). COMEX March silver ended down 26.8 cents at $32.898 an ounce, tracking gold. Ranged from $32.035 to $33.150. Silver rose 1.3 percent to $33.12 an ounce. The metal posted a fifth consecutive weekly gain.
NYMEX April platinum finished up $16.6 at $1,803.4 an ounce, rebounding after Libya's unrest dragged industrial metals earlier this week. Spot platinum gained 1.3 percent to $1,799.99 an ounce. NYMEX March palladium closed up $7.7 at $785.45 an ounce on platinum's coattails. Spot palladium increased 1.9 percent to $785.47.
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