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


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


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
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


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%.

: ESG funds are ‘going to suffer’ as tech stocks lag and value beats growth

Previous article

If it’s not enhanced unemployment benefits, why are people turning down jobs?

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in News