Precious Metals Shares Mixed, XAU Slides 0.8%

Precious metals shares were mixed Friday afternoon as silver futures rallied and gold futures declined.

The Philadelphia Gold & Silver Index (XAU) – which is weighted considerably toward gold rather than silver companies – slid 0.8% to 207.05.

Despite today’s drop, the XAU remains higher by 5.6% this week, and by 0.6% in August. However, year-to-date the gold and silver equities composite has fallen 8.6%.

Among gold producers, AngloGold Ashanti (AU) and Gold Fields (GFI) retreated 3.7% and 1.2%.  As for silver companies, Pan American Silver (PAAS) and Silver Wheaton (SLW) climbed 0.9% and 0.8%, respectively.

Silver futures advanced alongside the broader markets, with the COMEX September contract up by $0.40, or 1.0%, at $39.07 per ounce.  COMEX gold futures, per the December contract, pared their losses but remained lower by $6.30, or 0.4%, at $1,745.20 per ounce.

While precious metals were mixed, the U.S. dollar held near unchanged against a basket of foreign currencies.  The U.S. Dollar Index (DXY) inched higher by 0.1% to 74.623 in afternoon trading.