Gold Posts Third Straight Weekly Retreat
by Christopher Freeburn | December 14, 2012 4:54 pm
[1]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[2]. 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[3].
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[4]) slipped 0.2%.
- The iShares Gold Trust (NYSE:IAU[5]) edged down 0.1%.
- The iShares Silver Trust (NYSE:SLV[6]) fell 1.1%.
Gold and silver mining ETFs climbed during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) rose 0.3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) gained 0.7%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) also increased 0.8%.
Gold mining shares were mixed, with Eldorado Gold (NYSE:EGO[10]) rising the most.
- Agnico-Eagle Mines (NYSE:AEM[11]) added 0.2%.
- Barrick Gold (NYSE:ABX[12]) slid 0.4%.
- Eldorado Gold gained 1%.
- Goldcorp (NYSE:GG[13]) declined fell 0.4%.
- Kinross Gold (NYSE:KGC[14]) rose 0.4%.
- Newmont Mining (NYSE:NEM[15]) increased 0.3%.
- NovaGold Resources (NYSE:NG[16]) advanced 0.9%.
- Yamana Gold (NYSE:AUY[17]) declined 0.6%.
Silver mining shares moved higher on Friday.
- Coeur d’Alene Mines (NYSE:CDE[18]) climbed 1.3%.
- Hecla Mining (NYSE:HL[19]) surged 2.9%.
- Pan American Silver (NASDAQ:PAAS[20]) edged up 0.1%.
- Silver Wheaton (NYSE:SLW[21]) rose 0.8%.
- Silver Standard Resources (NASDAQ:SSRI[22]) climbed 2.6%.
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.
- [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
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- 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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