Gold Rises on U.S. Budget Standoff, Posts Weekly Loss
by Christopher Freeburn | December 21, 2012 4:23 pm
[1]Gold rose in Friday trading as negotiations between the White House and Congressional Republicans over the U.S. budget appeared to be at a standstill, with Congress about to break for the holidays. Despite today’s gain, the metal still lost more than 2% for the week.
Gold futures for February delivery rose 0.9% to $1,660.10 on Friday, according to CME Group[2]. Gold traded as high as $1,660.50-and as low as $1,636.30. Gold bullion closed in London at $1,659, according to BullionVault[3].
Silver futures for February delivery increased 1.8% to $30.18 per ounce. Friday’s high for silver was $30.26, while the low was $29.75.
Gold and silver funds advanced in Friday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) rose 0.4%.
- The iShares Gold Trust (NYSE:IAU[5]) also climbed 0.4%.
- The iShares Silver Trust (NYSE:SLV[6]) ticked up 0.1%.
Gold and silver mining ETFs also moved mostly higher during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) gained 0.2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) added 0.5%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) fell 0.8%.
Gold mining shares mostly gained, with NovaGold Resources (NYSE:NG[10]) rising the highest.
- Agnico-Eagle Mines (NYSE:AEM[11]) increased 0.5%.
- Barrick Gold (NYSE:ABX[12]) fell 0.85%.
- Eldorado Gold (NYSE:EGO[13]) climbed 0.5%.
- Goldcorp (NYSE:GG[14]) slid 1.5%.
- Kinross Gold (NYSE:KGC[15]) dipped 0.1%.
- Newmont Mining (NYSE:NEM[16])advanced 1.1%.
- NovaGold Resources surged 4.2%.
- Yamana Gold (NYSE:AUY[17]) gained 1.7%.
Silver mining shares were mixed on Friday.
- Coeur d’Alene Mines (NYSE:CDE[18]) rose 0.6%.
- Hecla Mining (NYSE:HL[19]) inched up 0.5%.
- Pan American Silver (NASDAQ:PAAS[20]) increased 1.2%.
- Silver Wheaton (NYSE:SLW[21]) declined 1.1%
- Silver Standard Resources (NASDAQ:SSRI[22]) fell 1.4%.
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
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- 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
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- 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/
Source URL: https://investorplace.com/2012/12/gold-rises-on-u-s-budget-standoff-posts-weekly-loss/