Gold Posts Biggest Weekly Loss Since May

Gold and silver dropped, while mining stocks sank

   

PreciousMetalsRecap Gold Posts Biggest Weekly Loss Since MayLow 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.

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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.


Article printed from InvestorPlace Media, http://investorplace.com/2013/02/gold-posts-biggest-weekly-loss-since-may/.

©2014 InvestorPlace Media, LLC

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