Gold Rises on U.S. Budget Standoff, Posts Weekly Loss

by Christopher Freeburn | December 21, 2012 4:23 pm

Gold Silver GLD IAU SLV[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.

Gold and silver mining ETFs also moved mostly higher during the day.

Gold mining shares mostly gained, with NovaGold Resources (NYSE:NG[10]) rising the highest.

Silver mining shares were mixed 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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  2. CME Group:
  3. BullionVault:
  4. GLD:
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  6. SLV:
  7. GDX:
  8. GDXJ:
  9. SIL:
  10. NG:
  11. AEM:
  12. ABX:
  13. EGO:
  14. GG:
  15. KGC:
  16. NEM:
  17. AUY:
  18. CDE:
  19. HL:
  20. PAAS:
  21. SLW:
  22. SSRI:
  23. BullionVault:

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