Gold Edges Higher on Better Chinese Manufacturing

by Christopher Freeburn | August 9, 2013 4:30 pm

Gold Silver GLD IAU SLV[1]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[2]. 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[3].

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.

Gold and silver mining ETFs advanced during the day.

Gold mining shares gained on Friday.

Silver mining shares climbed during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

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