Gold and silver both continued their upward climb, joined by other commodities, in early European trading on Friday. Prices were fueled by a decrease in the value of the dollar, encouraged by news of growth in euro zone economies.
While commodities had been hit with selling on Thursday, Reuters reported that they regained some lost territory on Friday with precious metals leading the move. Peter Fertig, a consultant at Quantitative Commodity Research, was quoted in the report saying, "Today economic data out of the euro zone has been positive, which supported stock markets and the euro, and the dollar weakened, which is supportive for commodities in general, and in particular the precious metals."
Fertig went on to say, "But the market is still very nervous about the recent volatility and sell-off in commodities. Economic forecasts might be revised to the downside. It is still a bit early to conclude that we are now in recovery."
