Gold Posts Third Consecutive Weekly Decline

by Christopher Freeburn | October 26, 2012 4:39 pm

PreciousMetalsRecap Gold Posts Third Consecutive Weekly Decline[1]Gold 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[2]. 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[3].

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.

Gold and silver mining ETFs retreated during the day.

Gold mining shares moved lower on Friday, with Eldorado Gold (NYSE:EGO[10]) sinking the most.

Silver mining shares mostly fell on Friday.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com
  3. BullionVault: http://www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

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