Precious Metals Inch Higher, Gold, Silver Shares Rally

Gold and silver futures moved fractionally higher on Friday while precious metals equities climbed alongside the broader financial markets.

COMEX gold futures settled higher by $2.90, or 0.2%, at $1,618.00 per ounce while silver futures closed with a gain of $0.05, or 0.2%, at $27.50 per ounce.

The Philadelphia Gold & Silver Index (XAU), a leading composite of the sector’s largest companies, climbed 1.2% to 151.80.  Notable advancers included XAU components Eldorado Gold (EGO) and Harmony Gold (HMY), which jumped by 6.0% to $11.02 and by 3.9% to $10.13 per share.

The broader equity markets fared even better, as the S&P 500 Index rose by 1.9% to 1,385.97 – its best closing level since May 3rd of this year.