Precious Metals Pare Weekly Losses, XAU Inches Higher

By jturbin Gold and silver futures advanced on Friday despite stability in the U.S. dollar, but nonetheless finished the week in negative territory. Shares of most precious metals companies were also in the black Friday afternoon, and also significantly outperformed the metals over the five-day stretch. COMEX gold futures for June delivery settled higher by $11.40, or 0.7%, at $1,568.90 per ounce. In doing so, the yellow metal cut its weekly loss to 1.4%. However, on a year-to-date basis gold futures turned fractionally higher, by 0.1%. Silver futures – per the COMEX July contract – climbed $0.29, or 1.0%, to $28.45 per ounce on Friday. With the rise, gold’s sister precious metal reduced its weekly loss to 0.9% and extended its year-to-date gain to 2.9%. As for gold and silver equities, the Philadelphia Gold & Silver Index (XAU) added 0.5% to 157.79 in afternoon trading. From last Friday’s closing level of 147.76, the XAU has now advanced 6.8% – putting the Index on pace for its best weekly rise since an 8.4% gain from January 23-27 of this year. Despite the recent rebound, however, the XAU remains lower by 12.6% in 2012. Notable gold miners rallying on Friday included Yamana Gold (AUY) and Gold Fields (GFI), which climbed by 2.4% to $14.80 and by 0.6% to $13.23 per share. Silver Standard Resources (SSRI) and Silver Wheaton (SLW), two of the most widely-traded silver stocks, advanced by 1.1% to $11.31 and by 0.6% to $26.50 per share. http://www.ibtimes.com/articles/345610/20120525/precious-metals-pare-weekly-losses-xau-inches-higher.htm