How Precious Metals and Miners Moving in April?



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.

Dollar implications

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.

Most mining companies had an up day on Friday. The top gainers for the day were IAMGOLD (IAG), Alacer Gold (ASR), and New Gold (NGD), which rose 5.1%, 6%, and 6.1%, respectively.

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