Gold and silver prices inched higher on Friday despite considerable U.S. dollar strength and weakness in cyclical commodities.
COMEX gold futures, per the August contract, settled with a gain of $2.40, or 0.2%, at $1,582.80 per ounce. In doing so, the yellow metal cut its weekly loss to 0.6%.
Analysts at Commerzbank wrote in a note to clients today that “Although the price of gold was likewise able to gain during the course of trading yesterday, the increase was disproportionately low. Continued (exchange-traded funds) outflows are evidence that gold is currently in lower demand.”
Silver futures for September delivery on the COMEX closed up by $0.08, or 0.3%, at $27.30 per ounce. Silver fared slightly better than gold this week, with a 0.3% decline.
Gold and silver shares fell alongside the broader equity markets this morning, but rebounded in afternoon trading. The Philadelphia Gold & Silver Index (XAU) initially dropped as much as 1.1% to 146.40, but bounced back to near unchanged at 148.01 later in the day. For the week, however, the XAU remained down by 1.5%.
Notable XAU components in positive territory this afternoon included AngloGold Ashanti (AU), Harmony Gold (HMY), and Silver Wheaton (SLW). AU advanced by 2.7% to $31.85, HMY by 1.2% to $9.10, and SLW by 1.1% to $26.59 per share.
Other precious metals fared worse, however, as platinum futures finished down by 0.6% at $1,414.50 per ounce while palladium slid 1.5% to $576.10 per ounce. For the week, platinum and palladium posted losses of 1.4% and 1.6%, respectively.
Among cyclical commodities, copper futures retreated 2.5% to $3.45 per pound on Friday and extended their weekly loss to 1.4%. Crude oil – which had been on a seven-session win streak, fell 1.3% to $91.44 per barrel, thereby reducing its weekly gain to 4.9%.
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