Gold futures climbed Friday on the heels of another broad-based rally in the commodities complex.
COMEX gold futures for December 2011 delivery advanced $14.50, or 0.9%, to settle at $1,683.00 per ounce. For the week, gold futures finished higher by 2.8% and posted their first back-to-back weekly gains since mid-August.
Silver futures outperformed gold, both on Friday and for the week. COMEX silver for December 2011 delivery jumped $0.51, or 1.6%, to $32.17 per ounce today, and finished the five-day stretch with a 3.8% gain. In doing so, silver returned to positive territory on a year-to-date basis, by 4.0%. Gold has significantly outperformed silver in 2011, however, with an 18.4% climb.
Friday’s strength in gold and silver was accompanied by modest weakness in the U.S. dollar against a basket of currencies. The U.S. Dollar Index (DXY) slid 0.5% to 76.642 this afternoon, while the euro rose 0.7% to 1.3879 against the greenback.
Other precious metals posted weekly gains as well, with platinum and palladium advancing 4.1% and 5.9%, respectively.
As for cyclical commodities, copper rallied 4.3% and crude oil jumped 4.6% this week.
Fortuna Silver to Begin Trading on NYSE
- Established in 2004, Fortuna is a growth-oriented, silver and base metal producer focused on mining opportunities in Latin America.
- The Company's primary assets are the Caylloma silver mine in southern Peru and the San Jose silver-gold mine in Mexico.
- Shares of FVI.TSX have climbed 26.6% in 2011, bringing the company's market capitalization to C$746.3 million.
