Gold, Silver Futures Snap 4-Week Losing Skids
By jturbin | November 10, 2012 7:02 AM EST
Precious metals added to their recent gains on Friday, rising alongside other commodities despite further strength in the U.S. dollar.
COMEX gold futures – per the December contract – settled higher by $4.90, or 0.3%, at $1,730.90 per ounce. Silver futures for December delivery at the COMEX traded up by $0.36, or 1.1%, at $32.60 per ounce this afternoon.
With today’s rally, gold and silver extended their weekly gains to 3.3% and 5.7%, respectively. Furthermore, both metals snapped four-week losing streaks and posted their best such stretches since late August.
(For gold price forecasts, analysis and commentary visit GoldAlert Pro – http://pro.goldalert.com)
In contrast to the metals, shares of most gold and silver mining companies turned lower on Friday. The Philadelphia Gold & Silver (XAU) fell by 1.2% to 181.43, led by declines in IAMGOLD (IAG) and Coeur d’Alene Mines (CDE). Shares of IAG dropped by 2.3% to $15.40 while CDE slid 2.5% to $24.91.
However, despite today’s sell-off, the XAU remained higher this week by 1.4%. The XAU had been riding a two-week losing skid, and is on pace for its best week since September 17-21.
Among other precious metals, platinum futures climbed 1.1% to $1,559.40 per ounce while palladium dipped 0.5% to $611.05 per ounce. For the week, platinum and palladium closed with gains of 0.9% and 1.9%, respectively.