Gold rose in Friday trading after the Chinese government posted strong data on factory output during July. The metal has increased for three consecutive sessions and finished the week with a small gain.
China said that last month’s industrial production jumped 9.7% compared to the same time last year. Friday’s news built on data released yesterday that showed rising Chinese imports and exports, increasing investor confidence that China — which has a considerable appetite for gold — is seeing more robust economic growth.
Gold futures for December delivery moved up 0.2% to $1,312.20 per ounce on Friday, according to . Gold traded as high as $1,313.80 and as low as $1,282. Gold bullion closed in London at $1,314, according to BullionVault.
Silver futures for December delivery climbed 1.1% to $20.46 per ounce. Friday’s high for silver was $20.58, while the low was $20.11.
Gold and silver funds moved up slightly in Friday trading.
- The SPDR Gold Trust () was flat.
- The iShares Gold Trust () also ended unchanged.
- The iShares Silver Trust () gained 0.8%.
Gold and silver mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF () rose 1.8%.
- The Market Vectors Junior Gold Miners ETF () climbed 2%.
- The Global X Silver Miners ETF () surged 4.5%.
Gold mining shares gained on Friday.
- Agnico-Eagle Mines () increased 0.5%.
- Barrick Gold () rose 1.9%.
- Eldorado Gold () added 1%.
- Goldcorp () moved up 0.7%.
- Kinross Gold () inched up 0.2%.
- Newmont Mining () grew 2.5%.
- NovaGold Resources () climbed 1.9%.
- Yamana Gold () improved 0.7%.
Silver mining shares climbed during the day.
- Coeur d’Alene Mines () surged 3.8%.
- Hecla Mining () rose 0.9%.
- Pan American Silver () gained 2.3%.
- Silver Wheaton () added 2.5%.
- Silver Standard Resources () jumped 4.3%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
