Gold Posts Biggest Weekly Loss Since June

Gold and silver futures declined, mining stocks followed

   

PreciousMetalsRecap Gold Posts Biggest Weekly Loss Since JuneInvestor concern that positive U.S. economic data might cause the Federal Reserve to pull back from stimulus efforts caused gold to stumble in Friday trading, producing the metal’s biggest weekly drop since the end of June.

Gold futures for December delivery fell to $1,759.70 on Friday, according to CME Group. Gold traded as high as $1,775 and as low as $1,753.50. Gold bullion closed in London at $1,759, according to BullionVault.

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Silver futures for December delivery also closed down at $33.67 per ounce. Friday’s high for silver was $34.17, while the low was $33.53.

Gold and silver funds dipped in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) fell 0.7%.
  • The iShares Gold Trust (NYSE:IAU) also dropped 0.8%.
  • The iShares Silver Trust (NYSE:SLV) declined 1.4%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) slid 1.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) moved down 1.8%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 1.3%.

Gold mining shares closed down on Friday, with NovaGold Resources (NYSE:NG) falling the hardest.

  • Agnico-Eagle Mines (NYSE:AEM) slipped 2.2%
  • Barrick Gold (NYSE:ABX) moved down 2.2%.
  • Eldorado Gold (NYSE:EGO) declined 1.6%.
  • Goldcorp (NYSE:GG) dipped 1.5%.
  • Kinross Gold (NYSE:KGC) slid 1.6%.
  • Newmont Mining (NYSE:NEM) edged lower 0.7%.
  • NovaGold Resources tumbled 3.1%.
  • Yamana Gold (NYSE:AUY) fell 2.5%.

Silver mining shares slipped in Friday trading.

  • Coeur d’Alene Mines (NYSE:CDE) slid 1.7%.
  • Hecla Mining (NYSE:HL) dropped 3%.
  • Pan American Silver (NASDAQ:PAAS) declined 1.4%.
  • Silver Wheaton (NYSE:SLW) dipped 1.1%.
  • Silver Standard Resources (NASDAQ:SSRI) fell 2.2%.

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/2012/10/gold-posts-biggest-weekly-loss-since-june/.

©2014 InvestorPlace Media, LLC

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