Gold Stalls on Weak Consumer Sentiment Data

by Christopher Freeburn | January 18, 2013 5:01 pm

Gold Silver GLD IAU SLV[1]Data showing weakening U.S. consumer sentiment sent gold down slightly in Friday trading. The metal had risen earlier in the trading session, buoyed by signs of growing gold demand in China. However, the rally stalled after the release of the Thomson Reuters/University of Michigan’s index of consumer sentiment, which registered its lowest reading in a year.

Gold futures for February delivery fell fractionally to $1,687 on Friday, according to CME Group[2]. Gold traded as high as $1,695.10 and as low as $1,683.30. Gold bullion closed in London at $1,686, according to BullionVault[3].

Silver futures for February delivery rose 0.4% to $31.92 per ounce. Friday’s high for silver was $32.05 an ounce, while the low was $31.71.

Gold and silver funds were mostly lower in Friday trading.

Gold and silver mining ETFs mostly fell during the day.

Gold mining shares were mixed, with Newmont Mining (NYSE:NEM[10]) rising the highest.

Silver mining shares were also 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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  23. BullionVault:

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