Gold Gives Back Most of Thursday’s Gains

by Nate Wooley | January 11, 2013 4:31 pm

[1]Gold declined on Friday, giving back much of the gains it made on Thursday. Today’s trading was tied  downgraded predictions of U.S. fourth quarter GDP and the release of monthly trade data.

Gold futures for February delivery fell 1.03% to $1,660.60 on Friday, according to CME Group[2]. Gold traded as high as $1,676.90 and as low as $1,653.10. Gold bullion closed in London at $1,665, according to BullionVault[3].

Silver futures for February delivery fell 1.65% to $30.44 per ounce. Friday’s high for silver was $30.79, while the low was $30.18.

Gold and silver funds were slightly lower in Friday trading.

• The SPDR Gold Trust (NYSE:GLD[4]) fell 0.6%.
• The iShares Gold Trust (NYSE:IAU[5]) fell 0.6%.
• The iShares Silver Trust (NYSE:SLV[6]) fell 1%.

Gold and silver mining ETFs were also down during the day.

• The Market Vectors Gold Miners ETF (NYSE:GDX[7]) was flat.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) fell 1.3%.
• The Global X Silver Miners ETF (NYSE:SIL[9]) was flat.

Gold mining shares were mostly lower, with Goldcorp (NYSE:GG[10]) losing the most.

• Agnico-Eagle Mines (NYSE:AEM[11]) rose 0.4%.
• Barrick Gold (NYSE:ABX[12]) fell 0.7%.
• Eldorado Gold (NYSE:EGO[13]) rose 1.6%.
• Goldcorp fell 1.1%.
• Kinross Gold (NYSE:KGC[14]) fell 0.4%.
• Newmont Mining (NYSE:NEM[15]) fell 0.4%.
• NovaGold Resources (AMEX:NG[16]) fell 0.8%.
• Yamana Gold (NYSE:AUY[17]) fell 0.5%.

Silver mining shares mostly advanced on Friday.

• Coeur d’Alene Mines (NYSE:CDE[18]) rose 0.7%.
• Hecla Mining (NYSE:HL[19]) was flat.
• Pan American Silver (NASDAQ:PAAS[20]) rose 1%.
• Silver Wheaton (NYSE:SLW[21]) fell 0.2%
• Silver Standard Resources (NASDAQ:SSRI[22]) fell 3.2%.

As of this writing, Nate Wooley has a pending buy order for SSRI. Adrian Ash of BullionVault[23] contributed to this report.

Source URL: https://investorplace.com/2013/01/gold-gives-back-most-of-thursdays-gains/

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