Gold, Silver Climb to End Dismal Week on a High Note

by Angela Nazworth | July 13, 2012 4:37 pm

[1]Gold and silver prices lifted amid Friday’s U.S. market equity gains and rising grain and energy prices.

Gold futures recovered from a dismal week with sharp increases Friday, jumping 1.7% at a final bid of $1,591.60 per ounce, according to CME Group data[2]. Gold reached a high of $1,596.50 and a low of $1,565.60.

Silver futures finished the day up about 0.8 %, with a final bid of $27.35. Friday’s high for silver prices reached $27.48, and the low was $27.05.

Gold bullion ended at $1,593 per ounce for Friday’s trading session in London, according to BullionVault[3].

“Gold has been a range trade with a bearish bias given the progressively lower highs since late February,” according to the latest technical analysis[4] from bullion bank Scotia Mocatta.

Gold and silver trusts climbed across the board Friday.

• The SPDR Gold Trust (NYSE:GLD[5]) was up about 1.1%.
• The iShares Gold Trust (NYSE:IAU[6]) was about 1.1% higher.
• The iShares Silver Trust (NYSE:SLV[7]) climbed about 0.3%.

Gold- and silver-mining ETFs all showed healthy gains Friday.

• The Market Vectors Gold Miners ETF (NYSE:GDX[8]) rose about 1.5%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) climbed about 2.5%.
• The Global X Silver Miners ETF (NYSE:SIL[10]) was about 1.2% lower.

Gold-mining shares showed widespread impressive gains Friday, with Kinross Gold (NYSE:KGC[11])

and NovaGold Resources (AMEX:NG[12]) leading the way.

• Agnico-Eagle Mines (NYSE:AEM[13]) gained about 1.6%.
• Barrick Gold (NYSE:ABX[14]) was up about 0.8%. 
• Eldorado Gold (NYSE:EGO[15]) showed gains of around 0.2%.
• Goldcorp (NYSE:GG[16]) was up 2.7%.
• Kinross Gold (NYSE:KGC[11]) was more than  6.7% higher.
• Newmont Mining (NYSE:NEM[17]) jumped about 1.5%.
• NovaGold Resources (AMEX:NG[12]) was up close to 6%.
• Yamana Gold (NYSE:AUY[18]) was up about 0.8%.

Silver-mining shares were mixed Friday.

• Coeur d’Alene Mines (NYSE:CDE[19]) dipped about 0.2%.
• Hecla Mining (NYSE:HL[20]) was flat.
• Pan American Silver (NASDAQ:PAAS[21]) was around 0.5% higher.
• Silver Wheaton (NYSE:SLW[22]) dipped around 0.5%.
• Silver Standard Resources (NASDAQ:SSRI[23]) rose 0.6%.

As of this writing, Angela Nazworth did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

Source URL: https://investorplace.com/2012/07/gold-silver-climb-to-end-dismal-week-on-a-high-note/

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