Gold Posts Third Straight Weekly Retreat

Gold and silver futures were flat, but miners mostly gained

   

PreciousMetalsRecap Gold Posts Third Straight Weekly RetreatGold was almost flat in Friday trading, finishing down 0.5% for the week for its third consecutive weekly decline. The fall came despite yesterday’s announcement of more economic stimulus from the Federal Reserve as investors contemplated a report showing slowing U.S. inflation and a stalemate in U.S. budget negotiations.

Gold futures for February delivery rose fractionally to $1,696.20 on Friday, according to CME Group. Gold traded as high as $1,701.90 and as low as $1,694. Gold bullion closed in London at $1,698, according to BullionVault.

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Silver futures for February delivery fell fractionally to $32.30 per ounce. Friday’s high for silver was $32.74, while the low was $32.30.

Gold and silver funds declined in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) slipped 0.2%.
  • The iShares Gold Trust (NYSE:IAU) edged down 0.1%.
  • The iShares Silver Trust (NYSE:SLV) fell 1.1%.

Gold and silver mining ETFs climbed during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) rose 0.3%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) gained 0.7%.
  • The Global X Silver Miners ETF (NYSE:SIL) also increased 0.8%.

Gold mining shares were mixed, with Eldorado Gold (NYSE:EGO) rising the most.

  • Agnico-Eagle Mines (NYSE:AEM) added 0.2%.
  • Barrick Gold (NYSE:ABX) slid 0.4%.
  • Eldorado Gold gained 1%.
  • Goldcorp (NYSE:GG) declined fell 0.4%.
  • Kinross Gold (NYSE:KGC) rose 0.4%.
  • Newmont Mining (NYSE:NEM) increased 0.3%.
  • NovaGold Resources (NYSE:NG) advanced 0.9%.
  • Yamana Gold (NYSE:AUY) declined 0.6%.

Silver mining shares moved higher on Friday.

  • Coeur d’Alene Mines (NYSE:CDE) climbed 1.3%.
  • Hecla Mining (NYSE:HL) surged 2.9%.
  • Pan American Silver (NASDAQ:PAAS) edged up 0.1%.
  • Silver Wheaton (NYSE:SLW) rose 0.8%.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 2.6%.

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/2012/12/gold-posts-third-straight-weekly-retreat/.

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