Gold, Precious-Metal ETFs Hit Records

Spot gold topped $1320.80 on Friday, as the SPDR Gold Trust trades near $129

Gold had its sixth-straight day of record-breaking price gains on Friday, when it rose nearly 1% after comments from Federal Reserve officials and U.S. data led investors to conclude that monetary easing would continue.

Spot gold topped $1,320.80 at one point on Friday, while gold futures for December settled at $1,317.80.

Silver rose close to 2% to its highest level since 1980, and platinum hit a four-month peak.

Meanwhile, the dollar fell to a six-month low versus the euro on poor economic outlook.

Investors are increasingly turning to gold and other metals as a hedge against market uncertainty, experts say, despite the fact that the Dow Jones Industrial Average closed near 10,830 for the week.

The SPDR Gold Trust ETF hit a high of $129 this week, ending the week at $128.91 on very high volume – 17.2 million shares. The iShares Silver Trust ETF was moving toward $22 on 15 million shares.

The popular USAA Precious Metals and Minerals Fund moved up 0.40, nearly 1%, to $43.62 on Friday.

And U.S. Global Investors Gold and Precious Metals Fund closed up 1% to $19.05, near its 2008 highs. 

Reprints Discuss this story
We welcome your thoughts. Please allow time for your contribution to be approved and posted. Thank you.

Most Recent Videos

Video Library ››