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.
Most Popular Slideshows
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- From Fat To Fit: Celebrities Who Were Overweight Before They Became The Beauties That They Are
- Kendall Jenner Could Be Next Victoria's Secret Angel [PHOTOS]
- Taylor Swift Named People's Best Dressed Stars Of 2014 [PHOTOS]
Join the Conversation
- iOS 8 Release Date Of Sept 17 Has Arrived: Update Begins At 10AM Pacific Time, Upgrade Your iDevices With iOS 7.1.2 First To Install iOS 8
- Why Samsung Galaxy S5 Is Not The Best Smartphone To Purchase Now? If You Still Want To, Wait For A Month To Get It Cheap
- Apple iPad Air 2, iPad Mini 3 October Release Date Roundup: Freshly Leaked Protective Case Debuts Unique Vent Alongside Camera
- Canadian IS Jihadist Wants to ‘Play Soccer’ with Heads of US Decapitated Soldiers
- Warning to U.S. – ISIS Has Shot Down a Syrian Regime Fighter Jet
- Spice Dream Uno vs Xiaomi Redmi 1S: Android One Smartphone to Challenge The Existing Budget Friendly Smartphone
- iPhone 6 Plus Phablet Features Only 1 GB RAM