Gold rose in Friday trading after the Chinese government posted strong data on factory output during July. The metal has increased for three consecutive sessions and finished the week with a small gain.
China said that last month’s industrial production jumped 9.7% compared to the same time last year. Friday’s news built on data released yesterday that showed rising Chinese imports and exports, increasing investor confidence that China — which has a considerable appetite for gold — is seeing more robust economic growth.
Gold futures for December delivery moved up 0.2% to $1,312.20 per ounce on Friday, according to CME Group. Gold traded as high as $1,313.80 and as low as $1,282. Gold bullion closed in London at $1,314, according to BullionVault.
Silver futures for December delivery climbed 1.1% to $20.46 per ounce. Friday’s high for silver was $20.58, while the low was $20.11.
Gold and silver funds moved up slightly in Friday trading.
- The SPDR Gold Trust (GLD) was flat.
- The iShares Gold Trust (IAU) also ended unchanged.
- The iShares Silver Trust (SLV) gained 0.8%.
Gold and silver mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF (GDX) rose 1.8%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 2%.
- The Global X Silver Miners ETF (SIL) surged 4.5%.
Gold mining shares gained on Friday.
- Agnico-Eagle Mines (AEM) increased 0.5%.
- Barrick Gold (ABX) rose 1.9%.
- Eldorado Gold (EGO) added 1%.
- Goldcorp (GG) moved up 0.7%.
- Kinross Gold (KGC) inched up 0.2%.
- Newmont Mining (NEM) grew 2.5%.
- NovaGold Resources (NG) climbed 1.9%.
- Yamana Gold (AUY) improved 0.7%.
Silver mining shares climbed during the day.
- Coeur d’Alene Mines (CDE) surged 3.8%.
- Hecla Mining (HL) rose 0.9%.
- Pan American Silver (PAAS) gained 2.3%.
- Silver Wheaton (SLW) added 2.5%.
- Silver Standard Resources (SSRI) jumped 4.3%.
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.