Gold Rises to Post Small Weekly Gain

Miners advanced strongly across the board

   

PreciousMetalsRecap Gold Rises to Post Small Weekly GainInvestor concern over Detroit’s bankruptcy filing and weak earnings among tech giants weighed on equities markets and the U.S. dollar, but pushed gold modestly higher in Friday trading.

The precious metal finished the week with a 1% gain and climbed to its highest price in almost a month. The largest municipal bankruptcy filing in U.S. history came just as Google (GOOG) and Microsoft (MSFT) reported earnings that missed Wall Street forecasts late Thursday.

gold bars Gold Rises to Post Small Weekly Gain
Time for the Golden Rupee Trade in GLD

Gold futures for August delivery gained 0.7% to $1,292.90 per ounce Friday, according to CME Group. Gold traded as high as $1,297.10 and as low as $1,281.40. Gold bullion closed in London at $1,297, according to BullionVault.

Silver futures for August delivery rose 0.4% to $19.45 per ounce. Friday’s high for silver was $19.58, while the low was $19.32.

Gold and silver funds improved in Friday trading.

  • The SPDR Gold Trust (GLD) increased 0.9%.
  • The iShares Gold Trust (IAU) gained 1%.
  • The iShares Silver Trust (SLV) climbed 0.8%.

Gold and silver mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (GDX) added 4.3%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) rose 3.5%.
  • The Global X Silver Miners ETF (SIL) moved up 2.1%.

Gold mining shares gained on Friday.

  • Agnico-Eagle Mines (AEM) added 4.5%.
  • Barrick Gold (ABX) surged 5.1%.
  • Eldorado Gold (EGO) climbed 5.6%.
  • Goldcorp (GG) rose 3.7%.
  • Kinross Gold (KGC) increased 4.9%.
  • Newmont Mining (NEM) advanced 2.3%.
  • NovaGold Resources (NG) moved up 1.8%.
  • Yamana Gold (AUY) improved 3.8%.

Silver mining shares rose during the day.

  • Coeur d’Alene Mines (CDE) climbed 4.7%.
  • Hecla Mining (HL) added 3%.
  • Pan American Silver (PAAS) gained 3.5%.
  • Silver Wheaton (SLW) advanced 3.4%.
  • Silver Standard Resources (SSRI) improved 4.1%.

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.


Article printed from InvestorPlace Media, http://investorplace.com/2013/07/gold-rises-to-post-small-weekly-gain/.

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