Gold Rises, Silver Dips on Economic Worries

Investors are looking for safety as central banks roll the dice again

   

Gold moved higher on Friday as investors sought security against the uncertain outcome of government efforts to stimulate economies worldwide.

Gold futures for December delivery rose to $1,778 on Friday, according to CME Group. Gold traded as high as $1,790 and as low as $1,769.10. Gold bullion closed in London at $1,776, according to BullionVault.

gold bars Gold Rises, Silver Dips on Economic Worries
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Silver futures headed lower, closing down at $34.638 per ounce. Friday’s high for silver was $35.26, while the low was $34.365.

Gold and silver funds were mixed in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.3%.
  • The iShares Gold Trust (NYSE:IAU) also moved up 0.3%.
  • The iShares Silver Trust (NYSE:SLV) dipped 0.3%.

Gold and silver mining ETFs rose during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) gained 0.8%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) climbed 2%.
  • The Global X Silver Miners ETF (NYSE:SIL) increased 0.6%.

Gold mining shares were mixed during the day, with Barrick Gold (NYSE:ABX) rising the most.

  • Agnico-Eagle Mines (NYSE:AEM) edged up 0.2%
  • Barrick Gold moved higher by 0.9%.
  • Eldorado Gold (NYSE:EGO) dipped 0.8%.
  • Goldcorp (NYSE:GG) gained 1%.
  • Kinross Gold (NYSE:KGC) edged up 0.5%.
  • Newmont Mining (NYSE:NEM) moved lower 0.4%.
  • NovaGold Resources (NYSE:NG) slipped 0.6%.
  • Yamana Gold (NYSE:AUY) increased 1%

Silver mining shares gained in Friday trading.

  • Coeur d’Alene Mines (NYSE:CDE) rose 0.2%.
  • Hecla Mining (NYSE:HL) climbed 1.2%.
  • Pan American Silver (NASDAQ:PAAS) jumped 2.9%.
  • Silver Wheaton (NYSE:SLW) edged up 0.7%.
  • Silver Standard Resources (NASDAQ:SSRI) moved higher by 2.6%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.


Article printed from InvestorPlace Media, http://investorplace.com/2012/09/gold-rises-silver-dips-on-economic-worries/.

©2014 InvestorPlace Media, LLC

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