Gold and silver ETFs were ripping higher Friday as the U.S. dollar weakened, putting the precious metal funds on track for their third straight week of gains.
SPDR Gold Shares (NYSEArca: GLD) was up 1.3% in morning trade while iShares Silver Trust (NYSEArca: SLV) gained 2.6%. In currency markets, PowerShares DB US Dollar Index Bullish Fund (NYSEArca: UUP) slipped 0.3% as the greenback weakened against is rivals.
Silver is outperforming gold by a wide margin in August, which is seen as a bullish sign for precious metals. SLV is up nearly 20% so far this month, compared with a gain of about 5% for GLD.
Gold is testing $1,400 an ounce, a technical resistance level this year. The decline in prices has stoked demand for physical gold in key consumer nations China and India, according to Bloomberg.
Yet silver is leading the rally this month.