Gold Posts Third Consecutive Weekly Decline

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

Gold Silver GLD IAU SLV[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.

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  3. BullionVault:
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  19. HL:
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  22. SSRI:
  23. BullionVault:

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