Gold Posts Third Consecutive Weekly Decline
by Christopher Freeburn | October 26, 2012 4:39 pm
[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.
- The SPDR Gold Trust (NYSE:GLD[4]) fell 0.1%.
- The iShares Gold Trust (NYSE:IAU[5]) declined 0.1%.
- The iShares Silver Trust (NYSE:SLV[6]) slipped 0.1%.
Gold and silver mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) dipped 0.7%
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) slid 0.6%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) sank 0.7%.
Gold mining shares moved lower on Friday, with Eldorado Gold (NYSE:EGO[10]) sinking the most.
- Agnico-Eagle Mines (NYSE:AEM[11]) retreated 1.3%.
- Barrick Gold (NYSE:ABX[12]) slipped 0.8%.
- Eldorado Gold fell 1.7%.
- Goldcorp (NYSE:GG[13]) edged down 0.2%.
- Kinross Gold (NYSE:KGC[14]) decreased 1.1%
- Newmont Mining (NYSE:NEM[15]) dipped 0.5%.
- NovaGold Resources (AMEX:NG[16]) sank 0.8%.
- Yamana Gold (NYSE:AUY[17]) dropped 1%.
Silver mining shares mostly fell on Friday.
- Coeur d’Alene Mines (NYSE:CDE[18]) moved lower 0.8%.
- Hecla Mining (NYSE:HL[19]) declined 0.8%.
- Pan American Silver (NASDAQ:PAAS[20]) rose 0.4%.
- Silver Wheaton (NYSE:SLW[21]) gained 0.5%.
- Silver Standard Resources (NASDAQ:SSRI[22]) dropped 1.2%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
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