Gold Cools on Bernanke Housing Remarks

Gold futures edged higher, silver sank, and miners gained

   

PreciousMetalsRecap Gold Cools on Bernanke Housing Remarks Gold ended the week down about 1% as investors digested discouraging remarks from Federal Reserve Chairman Ben Bernanke on credit challenges facing a recoverying the U.S. housing market.

Gold futures for December delivery edged up to $1,714.7 on Friday, according to CME Group. Gold traded as high as $1,717.20 and as low as $1,705.60. Gold bullion closed in London at $1,716, according to BullionVault.

gold coins scoop 630 flickr 200x200 Gold Cools on Bernanke Housing Remarks
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Silver futures for December delivery slipped to $32.37 per ounce. Friday’s high for silver was $32.68, while the low was $32.02.

Gold and silver funds moved lower in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) dipped 0.1%.
  • The iShares Gold Trust (NYSE:IAU) also slipped 0.1%.
  • The iShares Silver Trust (NYSE:SLV) dropped 1%.

Gold and silver mining ETFs improved during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) gained 1.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) climbed 1.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) rose 1.2%.

Gold mining shares gained on Friday, with NovaGold Resources (NYSE:NG) rising highest.

  • Agnico-Eagle Mines (NYSE:AEhM) increased 1%.
  • Barrick Gold (NYSE:ABX) climbed 1.4%.
  • Eldorado Gold (NYSE:EGO) edged up 0.1%.
  • Goldcorp (NYSE:GG) fell 0.5%.
  • Kinross Gold (NYSE:KGC) gained 2%.
  • Newmont Mining (NYSE:NEM) moved up 1.3%.
  • NovaGold Resources surged 3%.
  • Yamana Gold (NYSE:AUY) jumped 2%.

Silver mining shares also rose on Friday.

  • Coeur d’Alene Mines (NYSE:CDE) inched higher 0.1%.
  • Hecla Mining (NYSE:HL) climbed 2.2%.
  • Pan American Silver (NASDAQ:PAAS) increased 0.6%.
  • Silver Wheaton (NYSE:SLW) gained 2%.
  • Silver Standard Resources (NASDAQ:SSRI) soared 3.7%.

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.


Article printed from InvestorPlace Media, http://investorplace.com/2012/11/gold-cools-on-bernanke-housing-remarks/.

©2014 InvestorPlace Media, LLC

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