Gold Hits New Record as GDP Numbers Lag
Gold (NYSE:GLD) futures closed at a new all-time nominal record friday, gaining 0.7% in trades to close at $1,631.20 an ounce. Gold gained 1.9% over the week, also advancing 8.5% in the month, having added $128.40 an ounce since the end of June. Safe haven investors were looking for cover again today as debt ceiling talks made no progress (surprise) and critical GDP numbers for the second quarter were disappointing. 2Q economic growth tallied a rate of 1.3%, .5% below consensus targets of 1.8%. Frank Lesh, with FuturePath Trading, noted, “It’s about safety … People are escaping from currency volatility out there (and) political instability.”
Investing Insights: Are Support and Resistance Levels in Precious Metals Holding?
Silver (NYSE:SLV) traded higher as well today, gaining 0.8%, to close at $40.11 an ounce for September futures. Silver was roughly even in trades this week but has gained 15% in July. Copper gained slightly as investors continue to await the outcome of a strike at the world’s largest copper mine in Chile. The red metal has gained 1.6% this week, and 4.7% on the month. Platinum and Palladium both got dumped by investors today. Platinum lost 0.4%, closing at $1,785.30 an ounce for October futures. Palladium dipped $0.40 to $827.70 an ounce. The metal has gained 8.8% in July, compared to Platinum’s gains of 3.4%.