Gold Posts Third Straight Weekly Retreat

by Christopher Freeburn | December 14, 2012 4:54 pm

PreciousMetalsRecap Gold Posts Third Straight Weekly Retreat[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.

Gold and silver mining ETFs climbed during the day.

Gold mining shares were mixed, with Eldorado Gold (NYSE:EGO[10]) rising the most.

Silver mining shares moved higher on Friday.

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.

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  19. HL:
  20. PAAS:
  21. SLW:
  22. SSRI:
  23. BullionVault:

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