Precious metals ended Friday on a largely positive note as the sector continued to rally this week. Gold and silver were buoyed by expectations of further monetary easing by central banks across the globe – the latest being the Bank of Japan, which earlier this week unexpectedly announced an expansion of its quantitative easing program.
COMEX gold futures for December delivery settled up by $7.80, or 0.4%, at $1,778.00 per ounce. The yellow metal climbed to as high as $1,790.00 this morning, but pared its gains alongside the broader commodities complex. Nonetheless, gold futures posted a weekly gain of 0.3% and extended their weekly winning streak to five.
Silver futures rose to $35.26 per ounce earlier in the day, but settled near unchanged at $34.67 per ounce. In doing so, silver posted a weekly gain of less than 0.1%, but still managed to also stretch its set of weekly advances to five.
As for gold and silver equities, the sector gave back a portion of its daily gain in concert with the metals this afternoon. However, the Philadelphia Gold & Silver Index (XAU) remained up by 1.1% at 195.56 in late day trading, putting it on pace for a weekly gain of 1.9% for its seventh consecutive week of higher prices.
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Among gold miners, two of the better performers on Friday were IAMGOLD (IAG) and Yamana Gold (AUY), as IAG added 2.0% to $16.38 per share and AUY rose by 1.2% to $19.38 per share.
Pan American Silver (PAAS) and Silver Standard Resources (SSRI), two widely-traded silver producers, advanced by 3.1% to $22.50 per share and by 3.2% to $16.85 per share in afternoon trading.
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