Gold Rises to Post Small Weekly Gain

by Christopher Freeburn | July 19, 2013 4:30 pm

Gold Silver GLD IAU SLV[1]Investor 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[2] came just as Google (GOOG)[3] and Microsoft (MSFT[4]) reported earnings that missed Wall Street forecasts late Thursday.

Gold futures for August delivery gained 0.7% to $1,292.90 per ounce Friday, according to CME Group[5]. 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[6].

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.

Gold and silver mining ETFs advanced during the day.

Gold mining shares gained on Friday.

Silver mining shares rose during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[26] contributed to this report.

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