Low trading volumes ahead of Monday’s federal holiday in the U.S., combined with a wave of technical selling and a rising U.S. dollar, sent gold tumbling on Friday. The week ended with the metal’s largest loss in eight months.
Gold futures for March delivery tumbled 1.6% to $1,608.90 on Friday, according to CME Group. Gold traded as high as $1,634.80 and as low as $1,597.30. Gold bullion closed in London at $1,611, according to BullionVault.
Silver futures for March delivery dropped 1.7% to $29.85 per ounce. Friday’s high for silver was $30.46 an ounce, while the low was $29.66.
Gold and silver funds fell in Friday trading.
- The SPDR Gold Trust (NYSE:GLD) declined 1.6%.
- The iShares Gold Trust (NYSE:IAU) also dropped 1.6%.
- The iShares Silver Trust (NYSE:SLV) sank 2.1%.
Gold and silver mining ETFs also moved down during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) tumbled 3.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slid 2.8%.
- The Global X Silver Miners ETF (NYSE:SIL) dove 3.2%.
Gold mining shares pulled back on Friday.
- Agnico-Eagle Mines (NYSE:AEM) plunged 5.8%.
- Barrick Gold (NYSE:ABX) fell 2.4%.
- Eldorado Gold (NYSE:EGO) sank 5.8%.
- Goldcorp (NYSE:GG) dropped 2.5%.
- Kinross Gold (NYSE:KGC) tumbled 4.1%.
- Newmont Mining (NYSE:NEM) sank 2.9%.
- NovaGold Resources (AMEX:NG) declined 3.7%.
- Yamana Gold (NYSE:AUY) retreated 3.5%.
Silver mining shares also retreated.
- Coeur d’Alene Mines (NYSE:CDE) surged 2.5%.
- Hecla Mining (NYSE:HL) fell 3.1%.
- Pan American Silver (NASDAQ:PAAS) sank 3%.
- Silver Wheaton (NYSE:SLW) slumped 3.5%.
- Silver Standard Resources (NASDAQ:SSRI) declined 3.3%.
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.