Gold prices on Friday, June 23, surged, putting futures on track to halt a two-week skid, as the dollar weakened.
For the week, investors have picked up precious metals in the wake of declines in assets perceived as risky, including stocks and beleaguered crude oil.
August gold GCQ7, +0.62% rose $9.10, or 0.7%, to $1,258.50 an ounce, with futures on track for a weekly gain of about 0.1% based on Friday’s settlement, with the commodity on track to post a weekly gain for the first time in June.
July silver SIN7, +1.13% meanwhile, gained 24 cents, or 1.4%, to trade at $16.740 an ounce. For the week, silver is on pace for a weekly advance of 0.4%, also halting its string of back-to-back weekly declines.
A softening dollar helped to give precious metals a lift on the session, with the ICE U.S. Dollar DXY, -0.32% a measure of the greenback against a half-dozen currencies, down 0.2%.
Slack in the dollar can give commodities priced in the currency a boost, making them cheaper for buyers using weaker currencies.
Precious metals also have partially benefited over the week from haven bids, amid concerns about the impact of falling crude-oil prices CLQ7, +0.96% which have weighed on equity benchmarks, Dow Jones Industrial Average DJIA, +0.02% and the S&P 500 index SPX, +0.17%
Among the exchange-traded funds, the SPDR Gold Trust GLD, +0.48% was up 0.5%, while iShares Silver Trust SLV, +0.83% rose 1.1%, and the VanEck Vectors Gold Miners GDX, +1.63% climbed 1.3%.
