Gold Cools on Bernanke Housing Remarks

Gold futures edged higher, silver sank, and miners gained


Gold Cools on Bernanke Housing Remarks

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 200x160 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.

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