Gold Posts Second Straight Monthly Decline
by Christopher Freeburn | November 30, 2012 5:01 pm
[1]Rising worries over a lack of progress in negotiations to avert the U.S. fiscal cliff sent gold down about 1% on Friday, leading the metal to post its second consecutive monthly loss.
Gold futures for December delivery fell back to $1,710.90 on Friday, according to CME Group[2]. Gold traded as high as $1,731.20 and as low as $1,709.40. Gold bullion closed in London at $1,717, according to BullionVault[3].
Silver futures for December delivery slid to $33.20 per ounce. Friday’s high for silver was $34.35, while the low was $33.14.
Gold and silver funds moved lower in Friday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) fell 0.7%.
- The iShares Gold Trust (NYSE:IAU[5]) also dipped 0.7%.
- The iShares Silver Trust (NYSE:SLV[6]) declined 2.3%.
Gold and silver mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) slid 1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) sank 1.6%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) slipped 0.6%.
Gold mining shares declined on Friday, with Kinross Gold (NYSE:KGC[10]) falling the most.
- Agnico-Eagle Mines (NYSE:AEM[11]) moved down 1%.
- Barrick Gold (NYSE:ABX[12]) retreated 1.1%.
- Eldorado Gold (NYSE:EGO[13]) dipped 0.2%.
- Goldcorp (NYSE:GG[14]) fell 1.4%.
- Kinross Gold sank 1.9%.
- Newmont Mining (NYSE:NEM[15]) edged up 0.1%.
- NovaGold Resources (NYSE:NG[16]) declined 1.6%.
- Yamana Gold (NYSE:AUY[17]) slid 1%.
Silver mining shares mostly retreated Friday.
- Coeur d’Alene Mines (NYSE:CDE[18]) rose 0.4%.
- Hecla Mining (NYSE:HL[19]) dipped 0.3%.
- Pan American Silver (NASDAQ:PAAS[20]) fell 0.7%.
- Silver Wheaton (NYSE:SLW[21]) sank 0.8%.
- Silver Standard Resources (NASDAQ:SSRI[22]) tumbled 1.8%.
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.
Endnotes:
- [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
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- 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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