Daily Gold Update

Source: Dana Samuelson

Austin— Precious metals finished the week on a positive note, with gold, silver, platinum and palladium all advancing again on the heels of Thursday�s sharp gains. Economic news out of China buoyed metals prices for a second day. The National Bureau of Statistics reported today that China�s industrial production grew at its fastest pace since February, rising 9.7% from a year earlier, which helped to boost commodity prices. The dollar was up modestly on the U.S. dollar index.

At the Comex close: December gold edged up $2.20 to $1,312.20; September silver jumped 22 cents to $20.41; October platinum rose $9.00 to $1,500.60; and September palladium gained $2.45 to $741.00 an ounce.

Gold and silver are now at an important short-term technical juncture. Both metals are bumping up against their 50-day moving averages of $1,316.00 and $21.35, where they have encountered previous recent upside resistance. A move over these 50-day moving averages next week would be bullish for gold and silver with more gains likely. Following yesterday�s gains, platinum and palladium have both moved over their 50-day moving averages and are showing renewed vigor. Overall trading was light which is typical for a Friday in August.