On Friday, gold (NYSEARCA:GLD) futures for December delivery edged 20 cents higher to settle at $1,619.40 per ounce, while silver (NYSEARCA:SLV) futures ticked 21 cents lower to close at $28.

Both precious metals finished the week flat, as opposing forces tugged on prices. The euro zone appears to be nearing money printing, but global gold demand took a dip in the second quarter. During a trip to Canada, German Chancellor Angela Merkel held talks with Prime Minister Stephen Harper on the euro crisis. “I made clear once again that we need a long-term, sustainable solution,” Merkel said at a joint news conference with Harper in the Canadian parliament building, according to Reuters.

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According to the World Gold Council, second quarter gold demand totaled 990 tonnes, worth an estimated $51.2 billion. This represents a 7 percent decline from the same period last year, and 10 percent from the first quarter. Jewellery demand fell to 418.3 tonnes, while second quarter investment demand, which includes total bar and coin demand plus ETFs and similar products, weakened 23 percent to 302 tonnes.

By the end of the trading day, the SPDR Gold Trust (NYSEARCA:GLD) finished just 0.1 percent higher, while the iShares Silver Trust (NYSEARCA:SLV) fell 0.51 percent. Gold miners (NYSEARCA:GDX) such as Yamana Gold (NYSE:AUY) and AngloGold Ashanti (NYSE:AU) declined 0.71 percent and 2.23 percent, respectively. However, silver names such as Silver Wheaton (NYSE:SLW) and Endeavour Silver (NYSE:EXK) managed to increase 0.82 percent and 1.11 percent, respectively.

While some investors were discouraged by the price action of gold in the second quarter, central banks were more attracted to gold than ever before, with demand jumping 63 percent from the previous quarter.

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Disclosure: Long EXK, AG, HL, PHYS