by Christopher Freeburn | July 26, 2013 6:46 pm
A report showing U.S. consumer sentiment at a six-year high sent gold lower in Friday trading. But the metal still closed out the week with a 2.2% gain, its third consecutive weekly rise.
The University of Michigan/Thomson Reuters’s consumer sentiment index hit 85.1 in July, its highest reading since July 2007. That topped the reading of 84 anticipated by economists.
Gold futures for August delivery fell 0.6% to $1,321.50 per ounce on Friday, according to CME Group. Gold traded as high as $1,340.50 and as low as $1,311.90. Gold bullion closed in London at $1,335, according to BullionVault.
Silver futures for August delivery slid 1.9% to $19.76 per ounce. Friday’s high for silver was $20.24, while the low was $19.68.
Gold and silver funds were mixed in Friday trading.
Gold and silver mining ETFs mostly gained during the day.
Gold mining shares advanced on Friday.
Silver mining shares were mixed during the day.
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.
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