Precious metals shares caught a strong bid on Friday, with gains across the board in gold, silver and platinum producers.
FTSE 100-listed Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) and Fresnillo PLC (LSE:FRES) advanced, joined by Hochschild Mining PLC (LSE:HOC, OTCQX:HCHDF) and Premier African Minerals Ltd (AIM:PREM, OTC:PRMMF), the latter rising 5%.
Gold prices firmed as the dollar slipped, making the metal more affordable for overseas buyers.
Spot gold was up $14 at $3,360 per ounce, partially recovering from Thursday’s 1.1% fall.
The metal remains broadly flat on the week.
Traders were digesting a mixed macro backdrop. On one hand, geopolitical tensions remain high, with the European Union unveiling a fresh round of sanctions on Russia.
On the other, strong US retail sales and jobless claims data tempered expectations of a dovish shift from the Federal Reserve.
Other metals outpaced gold. Palladium jumped 4% to its highest level in 11 months, while silver and platinum also extended gains on rising industrial demand, with the latter hitting a decade high.