Gold 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.
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.