Gold and Silver Rebound, But Still Log a Miserable Quarter
On Friday, gold (NYSEARCA:GLD) futures for August delivery, the most active contract, increased $12.10 to close at $1,223.70 per ounce, while silver (NYSEARCA:SLV) futures for September jumped 92 cents to finish at $19.47. It was gold’s first day of gains all week.
Both precious metals climbed higher, despite a better-than-expected consumer sentiment report. According to Thomson Reuters/University of Michigan, consumer sentiment in June came in at 84.1. Economists polled by Reuters expected a final June reading of 82.8.
Richard Curtin, survey director, said in a statement, “Consumers believe the economic recovery has achieved an upward momentum that will not be easily reversed. To be sure, few high or low income consumers expect the economy to post robust gains or think the unemployment rate will drastically shrink during the year ahead.”