Gold Posts Third Consecutive Weekly Decline

Silver and gold futures slipped Friday, as did many mining stocks

   

Gold Silver GLD IAU SLVGold futures declined slightly Friday after growing concerns over a cooling global economy offset better-than-expected news about U.S. GDP growth, marking the metal’s first three-week loss in more than a year.

Gold futures for December delivery slipped to $1,711.90 on Friday, according to CME Group. Gold traded as high as $1,719.90 and as low as $1,701.40. Gold bullion closed in London at $1,715, according to BullionVault.

James Bond, Buffett’s Martian, and Europe’s Gold Standard
James Bond, Buffett’s Martian, and Europe’s Gold Standard

Silver futures for December delivery also dipped, closing down at $32.04 per ounce. Friday’s high for silver was $32.38, while the low was $31.60.

Gold and silver funds moved slightly lower in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) fell 0.1%.
  • The iShares Gold Trust (NYSE:IAU) declined 0.1%.
  • The iShares Silver Trust (NYSE:SLV) slipped 0.1%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dipped 0.7%
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slid 0.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) sank 0.7%.

Gold mining shares moved lower on Friday, with Eldorado Gold (NYSE:EGO) sinking the most.

  • Agnico-Eagle Mines (NYSE:AEM) retreated 1.3%.
  • Barrick Gold (NYSE:ABX) slipped 0.8%.
  • Eldorado Gold fell 1.7%.
  • Goldcorp (NYSE:GG) edged down 0.2%.
  • Kinross Gold (NYSE:KGC) decreased 1.1%
  • Newmont Mining (NYSE:NEM) dipped 0.5%.
  • NovaGold Resources (AMEX:NG) sank 0.8%.
  • Yamana Gold (NYSE:AUY) dropped 1%.

Silver mining shares mostly fell on Friday.

  • Coeur d’Alene Mines (NYSE:CDE) moved lower 0.8%.
  • Hecla Mining (NYSE:HL) declined 0.8%.
  • Pan American Silver (NASDAQ:PAAS) rose 0.4%.
  • Silver Wheaton (NYSE:SLW) gained 0.5%.
  • Silver Standard Resources (NASDAQ:SSRI) dropped 1.2%.

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-third-consecutive-weekly-decline/.

©2016 InvestorPlace Media, LLC

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