by Christopher Freeburn | October 5, 2012 4:56 pm
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.
Gold and silver mining ETFs posted losses for the day.
Gold mining shares fell on Friday, with NovaGold Resources (AMEX:NG) and Yamana Gold (NYSE:AUY) dropping the hardest.
Silver mining shares closed down in Friday trading.
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.
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