Gold, silver advance, building on weekly gains

Gold for December delivery GCZ3 +0.21%   improved by $9.30, or 0.7%, to $1,380.30 an ounce. Silver for September delivery SIU3 -0.33%  tacked on 16 cents, or 0.7%, to $23.47 an ounce.

“Precious metals have witnessed a strong spell of buying” as gold last week traded above the “crucial resistance” of $1,365 an ounce, and silver prices rose well above $23 an ounce, said analysts at IIFL on Friday.

“Weakness in the greenback has provided lot of cushion to the precious pack,” they wrote.

Softness in the U.S. dollar DXY +0.01%  can help spur buying of gold and other dollar-denominated commodities, as it makes them less expensive for holders of other currencies to purchases.

Read More: www.marketwatch.com/column/metals%20stocks