Gold Posts Third Consecutive Weekly Decline

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

   

Gold Posts Third Consecutive Weekly Decline

PreciousMetalsRecap Gold Posts Third Consecutive Weekly DeclineGold 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.

GoldPromo Gold Posts Third Consecutive Weekly Decline
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/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.