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Gold Dips, Silver Gains

Gold Dips, Silver GainsGold Dips, Silver Gains

Gold slipped and silver pared gains on Friday as the dollar strengthened against the yen, but both metals were still headed for weekly gains. The dollar rose about 1% against the yen on Friday, after Bloomberg reported that the Bank of Japan was considering applying negative rates to its lending program for financial institutions, CNBC reported. A stronger greenback makes the dollar-denominated precious metals expensive. Gold fell 0.3% to $1,244.80 an ounce, after hitting a five-week high of $1,270.10 an ounce on Thursday. Spot silver was up 0.4% at $17.065 an ounce, after earlier climbing as much as 1%.

 

Financialtribune.com