Gold, Silver Shares Rebound, Precious Metals Mixed
By jturbin | November 17, 2012 8:09 AM EST
Shares of most gold and silver companies finished higher on Friday, as they bounced back from yesterday’s steep sell-off. The Philadelphia Gold & Silver Index (XAU) closed up by 0.8% at 165.67.
Notable advancers in the sector included XAU components Gold Fields (GFI), Newmont Mining (NEM), and Silver Wheaton (SLW). Shares of GFI climbed by 1.7% to $11.73, NEM by 1.3% to $46.14 , and SLW by 2.0% to $36.12.
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The sector’s gains came despite mixed action in precious metals, which did not rebound from Thursday’s weakness. COMEX gold futures settled up by only $0.90 at $1,714.70 per ounce while COMEX silver dropped by $0.30, or 0.9%, to $32.37 per ounce.
Gold and silver were unable to gain any traction as the U.S. dollar continued to rally against a basket of foreign currencies. The U.S. Dollar Index (DXY) rose by as much as 0.5% to 81.455, its highest level in over two months.