Precious metals trek higher
Precious metals had another up day as gold futures for April expiration rose 0.48% on Friday, April 13, closing at $1,344.80 per ounce. Silver rose 1.1%, ending the day at $16.60 per ounce.
Platinum traded weakly, falling marginally by 0.18% and closing at $927.30. Palladium joined gold and silver, rising 2.3% to end the day at $982 per ounce. Palladium had a solid week, rising 9.6%, marking its best week since January 2017.
Precious metals had a wobbly week, with gains leading to more gains and losses resulting in more losses. The US dollar can track precious metal fluctuations. The US dollar index fell ~0.34% last week. As precious metals are dollar-denominated assets, they often react to changes in the dollar. A rising dollar suggests weakness for gold and silver, while a dropping dollar gives them buoyancy.
The SPDR Gold Shares ETF (GLD) and the iShares Silver Trust ETF (SLV) have risen 1.3% and 1.8%, respectively, over the last month. GLD rose 0.69% on Thursday, April 12, to $865.90, marking its highest price since June 2017. It’s risen almost 3.5% so far in 2018.