Gold and silver shares maintained the majority of their gains Thursday afternoon as the sector ended in positive territory for the first time in four trading sessions.
The Philadelphia Gold & Silver Index (XAU) settled up by 1.2% at 148.02, fueled by a modest rally in precious metals and slight weakness in the U.S. dollar. Notable advancers included XAU components Goldcorp (GG), Kinross Gold (KGC), and Silver Wheaton (SLW). GG climbed by 2.3% to $33.29, KGC by 1.7% to $8.00, and SLW by 1.3% to $26.30 per share.
As for the metals, COMEX gold futures settled higher by $9.60, or 0.6%, at $1,580.40 per ounce. In doing so, the yellow metal also snapped a 3-day losing streak. Silver futures finished up by $0.12, or 0.5%, at $27.22 per ounce on the COMEX. The U.S. Dollar Index (DXY), which this morning reached a two-week low of 82.734, pared its losses this afternoon to trade down by 0.2% at 82.889.
Despite today’s rise in gold, the yellow metal still needs to recapture the $1,600 level in order to generate “a more improved technical picture,” according to George Gero – a vice president at RBC Wealth Management.
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