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Metals Stocks: Gold futures aim for 7th straight rise, 3rd straight weekly gain

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Gold futures on Friday were trading modestly higher, aiming for a seventh gain in a row and a third straight weekly advance, amid an uptrend for bullion that has gathered steam during a choppy period for stocks and digital-assets.

At last check, June gold
GCM21,
+0.34%

 
GC00,
+0.34%

was trading $1.20, or less than 0.1%, at $1,883.30 an ounce. If the contract finishes in positive territory on the session, it would mark a seventh straight daily gain, which would represent the longest win streak for the most-active contract since a nine-session period ended July 29, 2020, FactSet data show.

Prices on Thursday settled at the highest for a most-active contract since Jan. 7.

For the week, gold futures are on pace for a gain of 2.6%, its third consecutive weekly gain.

Some analysts speculated that a selloff in crypto, led primarily by a slump in bitcoin
BTCUSD,
+2.29%
,
helped to drive institutional investors into gold and away from digitized assets.

“This week’s selloff in bitcoin and other cryptocurrencies might have contributed to the precious metal’s gains amid reports of a rotation out of crypto and into gold,” wrote Raffi Boyadjian, senior investment analyst at XM.

Meanwhile, July silver
SIN21,
+0.12%

SI00,
+0.12%

was down 13 cents, or 0.5%, at around $27.94 an ounce. Gold’s sister metal was on pace for a weekly gain of 2.1%.

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