Gold backed away from Thursday’s 11-month high after the U.S. unemployment rate fell unexpectedly and oil prices continued to decline.
Gold futures for December delivery dropped to $1,780.80 on Friday, according to CME Group. Gold traded as high as $1,798.10 and as low as $1,774.50. Gold bullion closed in London at $1,785, according to BullionVault.
Silver futures for December delivery also slipped, closing down at $34.57 per ounce. Friday’s high for silver was $35.15, while the low was $34.32.
Gold and silver funds edged lower in Friday trading.
- The SPDR Gold Trust (NYSE:GLD) fell 0.6%.
- The iShares Gold Trust (NYSE:IAU) also slipped 0.6%.
- The iShares Silver Trust (NYSE:SLV) dropped 1.4%.
Gold and silver mining ETFs posted losses for the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) slid 1.1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) declined 1.3%.
- The Global X Silver Miners ETF (NYSE:SIL) dipped 0.7%.
Gold mining shares fell on Friday, with NovaGold Resources (AMEX:NG) and Yamana Gold (NYSE:AUY) dropping the hardest.
- Agnico-Eagle Mines (NYSE:AEM) dipped 0.5%
- Barrick Gold (NYSE:ABX) also slipped 0.5%.
- Eldorado Gold (NYSE:EGO) fell 1.9%.
- Goldcorp (NYSE:GG) edged down 0.1%.
- Kinross Gold (NYSE:KGC) dropped 2.2%.
- Newmont Mining (NYSE:NEM) moved lower 0.7%.
- NovaGold Resources tumbled 3%.
- Yamana Gold also fell 3%.
Silver mining shares closed down in Friday trading.
- Coeur d’Alene Mines (NYSE:CDE) slid 1.2%.
- Hecla Mining (NYSE:HL) fell 1.8%.
- Pan American Silver (NASDAQ:PAAS) dipped 0.6%.
- Silver Wheaton (NYSE:SLW) declined 1.7%.
- Silver Standard Resources (NASDAQ:SSRI) lost 2.4%.
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.