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. 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.
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) rose 0.4%.
- The iShares Gold Trust (NYSE:IAU) also climbed 0.4%.
- The iShares Silver Trust (NYSE:SLV) ticked up 0.1%.
Gold and silver mining ETFs also moved mostly higher during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) gained 0.2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) added 0.5%.
- The Global X Silver Miners ETF (NYSE:SIL) fell 0.8%.
Gold mining shares mostly gained, with NovaGold Resources (NYSE:NG) rising the highest.
- Agnico-Eagle Mines (NYSE:AEM) increased 0.5%.
- Barrick Gold (NYSE:ABX) fell 0.85%.
- Eldorado Gold (NYSE:EGO) climbed 0.5%.
- Goldcorp (NYSE:GG) slid 1.5%.
- Kinross Gold (NYSE:KGC) dipped 0.1%.
- Newmont Mining (NYSE:NEM)advanced 1.1%.
- NovaGold Resources surged 4.2%.
- Yamana Gold (NYSE:AUY) gained 1.7%.
Silver mining shares were mixed on Friday.
- Coeur d’Alene Mines (NYSE:CDE) rose 0.6%.
- Hecla Mining (NYSE:HL) inched up 0.5%.
- Pan American Silver (NASDAQ:PAAS) increased 1.2%.
- Silver Wheaton (NYSE:SLW) declined 1.1%
- Silver Standard Resources (NASDAQ:SSRI) fell 1.4%.
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.