Gold Prices Settle Higher; Silver Prices also Gain
Gold prices edged higher in trading on Friday, posting their first gain in four sessions. Gold prices bounced back as the U.S. dollar weakened. Meanwhile, silver prices also edged higher on Friday.
Gold futures for delivery in August on the Comex division of the New York Mercantile Exchange rose 1.7% to settle at $1,592 an ounce. Gold prices rose 0.8% for the week.
Gold prices were lifted by second-quarter GDP data from China. According to figures released by Chinese authorities, the world’s second-largest economy grew 7.6% in the second quarter. This is the slowest pace of growth in more than three years. However, the data was in-line with expectations.
Gold came under pressure earlier in the week as hopes of further monetary easing from the Federal Reserve faded. The minutes of the Fed’s most recent monetary policy meeting, which were released earlier in the week, showed that the central bank is not likely to implement additional monetary easing measures any time soon.
Silver futures also edged higher on Friday. At last check, silver futures for September delivery were trading 0.8% higher at $27.37 an ounce. Silver rose 1.7% for the week.
Silver ETFs also gained on Friday. At last check, the iShares Silver Trust (ETF) (NYSE: SLV) was up 0.57% to $26.50, and the ProShares Ultra Silver (ETF) (NYSE: AGQ) was up 0.97% to $37.48.
The ProShares UltraShort Silver (ETF) (NYSE: ZSL), which takes a short position on silver, fell more than 1.2% on Friday.
In other precious metals, platinum for October delivery rose 1.60% to $1,435.20 an ounce, while palladium for September delivery climbed 1.90% to $585.65 an ounce. Platinum fell 1% for the week, palladium rose 0.9% for the week.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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