Gold rebounded slightly in Friday trading, edging higher after falling more than 6% yesterday on the heels of remarks by Federal Reserve Chairman Ben Bernanke. The metal drew strength from reports of higher gold purchases in Europe and China, as well as the imposition of higher future trading margins by a leading Comex operator. Bargain hunters also moved into the market looking to profit on the metal’s recent drops.
Gold futures for July delivery rose 0.5% to $1,2891.70 per ounce on Friday, according to CME Group. Gold traded as high as $1,301.10 and as low as $1,268.50. Gold bullion closed in London at $1,296, according to BullionVault.
Silver futures for July delivery climbed 0.7% to $19.96 per ounce. Friday’s high for silver was $20.07 while the low was $19.31.
Gold and silver funds advanced in Friday trading.
- The SPDR Gold Trust (GLD) rose 1.2%.
- The iShares Gold Trust (IAU) also climbed 1.2%.
- The iShares Silver Trust (SLV) gained 2.2%.
Gold and silver mining ETFs moved higher during the day.
- The Market Vectors Gold Miners ETF (GDX) added 1.3%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) increased 1.9%.
- The Global X Silver Miners ETF (SIL) surged 3.8%.
Gold mining shares mostly improved on Friday.
- Agnico-Eagle Mines (AEM) gained 1.6%.
- Barrick Gold (ABX) also rose 1.6%.
- Eldorado Gold (EGO) advanced 1.8%.
- Goldcorp (GG) jumped 2.6%.
- Kinross Gold (KGC) dipped 0.2%.
- Newmont Mining (NEM) increased 1%.
- NovaGold Resources (NG) grew 2.4%.
- Yamana Gold (AUY) climbed 1.9%.
Silver mining shares mostly increased during the day.
- Coeur d’Alene Mines (CDE) added 2.2%.
- Hecla Mining (HL) fell 1.7%.
- Pan American Silver (PAAS) gained 1.4%.
- Silver Wheaton (SLW) rose 0.9%.
- Silver Standard Resources (SSRI) climbed 1.8%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.