Precious metal movement
Among the four precious metals, gold saw an up day on December 1, 2017. Gold futures for January expiration rose 0.42% and closed at $1,280.2 per ounce. Palladium also joined the upswing in gold, rose 1.3%, and closed at $1,017.5 per ounce. Palladium has seen a five-day trailing gain of 2.7%. Silver and platinum fell 0.55% and 0.2%, respectively, on the same day. Silver closed at ~$16.5 per ounce. Platinum ended at $940.6 per ounce.
The sentiment in the equity markets has been strong in the past few weeks, which also becomes detrimental to safe-haven assets like gold and silver. Usually, when investors’ risk appetite rises, they lean less towards safe-haven assets like gold.
The US dollar (UUP) has also been one of the most important elements for precious metals. The rise in the dollar usually causes a decline in precious metals because they’re dollar-denominated assets.
Most of the fluctuations in precious metals and their funds will be determined by the Fed’s upcoming meeting. Investors have their eyes set on the Fed’s meeting and US economic numbers.
The mining shares that rose on Friday with gold include Aurico Gold (AUQ), Wheaton Precious Metals (SLW), Eldorado Gold (EGO), and Barrick Gold (ABX). They rose 3.6%, 0.48%, 2.7%, and 2.1%, respectively.