NEW YORK ( TheStreet) -- Shares of Gold Reserve ( GRZ), Randgold Resources ( GOLD) and New Gold ( NGD) logged significant gains, whereas coal and steel stocks such as James River Coal ( JRCC), United States Steel ( X) and Haynes International ( HAYN) suffered steep losses.

Gold Reserve was at the helm of the advancers for the second straight week, adding 11.9%. Last week, safe-haven buying sent gold prices to more than $1,800 an ounce. Gold's record-breaking rally caused gold prices to close the week at $1,852.10 per ounce.

Citigroup raised its 2011 gold price forecast last week by 10%, saying prices would average around $1,590 per ounce, vs. its earlier forecast of $1,440 per ounce.

Also, Goldcorp's ( GG) chief executive said last week that although gold prices likely will see a small correction before the end of 2011, the long-term outlook for precious metals remains strong.

As gold prices struck a new high last week, Randgold Resources surged 9.2% after receiving a strong buy rating at Zacks Investment ideas. New Gold also rose, adding 9%.

Kinross Gold ( KGC) rose 7.6%. The company announced last week that it has priced a $1 billion offering of debt securities.

KGC also said its Tasiast gold mine in Mauritania is showing promising results and that the company is confident it will be able to expand the size and scope of the project significantly. Fitch assigned a triple-B-plus rating to the company's prospective $1.5 billion in senior unsecured notes with a stable rating outlook last week.

Among others, Agnico-Eagle Mines ( AEM) and AngloGold Ashanti ( AU) rose 4.9% and 4.6%, respectively.

Yamana Gold ( AUY) gained 4.6%, Goldcorp ( GG) added 3.4% and Gold Fields ( GFI) rose 2.7%.

Pan American Silver ( PAAS) increased 3.6%.

Silver prices spiked last week, up 7.6% to $42.9 per ounce. Silver producers Silver Wheaton ( SLW) and MAG Silver ( MVG) gained 3.1% and 0.7%, respectively.

James River Coal topped the losers' league, taking a sizable hit of 19.6% to strike 52-week lows of $11.18 at close last week.

Steel maker United States Steel shed 15.2%.

A Bedford report examined the sector's outlook and indicated that steel companies are struggling to find business.

The report says North American steel companies are experiencing a slight demand downturn as China boosted its production during the first half of 2011.

Among others stocks, Haynes International and ArcelorMittal ( MT) lost 14.3% and 14.2%, respectively.

AK Steel Holding ( AKS), declined 13.2%.

Another Bedford report highlights that higher commodity costs, primarily iron ore prices, are squeezing major steel producers' margins.

Worthington Industries ( WOR) dropped 13.1%, while Steel Dynamics ( STLD) lost 9.9%. TheStreet Ratings downgraded the latter stock to hold from buy this past week.

Harmony Gold Mining ( HMY) slumped 14.3% last week after reporting a 67% drop in fourth-quarter profit, dented by power rates, new equipment purchase, and the cost of a troubled mine shaft. The company reported earnings per share of 30 cents, below Reuters' analyst consensus of 33.5 cents.

During the first six months of 2011, China's coal exports declined 13.7% year over year to 8.75 million metric tons, while its coal imports contracted 11.8% year over year to 70.49 million metric tons, the National Development and Reform Commission (NDRC) of China reported last week.

Moreover, broader economic fears sent European coal prices sharply lower on Friday. The benchmark API2 2012 coal contract fell under its recent downward trend channel and by afternoon it was testing support at its 23.6% Fibonacci retracement value of $125.16 a ton.

Coal producers across the board faced declines during the course of last week, with Arch Coal ( ACI) and Patriot Coal ( PCX) declining 14.3% and 14.1%, respectively.

Similarly, Teck Resources ( TCK) and Peabody Energy ( BTU) lost 11.8% and 11.0%, respectively.