Gold Posts Biggest Weekly Loss Since May
by Christopher Freeburn | February 15, 2013 4:22 pm
[1]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[2]. 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[3].
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[4]) declined 1.6%.
- The iShares Gold Trust (NYSE:IAU[5]) also dropped 1.6%.
- The iShares Silver Trust (NYSE:SLV[6]) sank 2.1%.
Gold and silver mining ETFs also moved down during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) tumbled 3.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) slid 2.8%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) dove 3.2%.
Gold mining shares pulled back on Friday.
- Agnico-Eagle Mines (NYSE:AEM[10]) plunged 5.8%.
- Barrick Gold (NYSE:ABX[11]) fell 2.4%.
- Eldorado Gold (NYSE:EGO[12]) sank 5.8%.
- Goldcorp (NYSE:GG[13]) dropped 2.5%.
- Kinross Gold (NYSE:KGC[14]) tumbled 4.1%.
- Newmont Mining (NYSE:NEM[15]) sank 2.9%.
- NovaGold Resources (AMEX:NG[16]) declined 3.7%.
- Yamana Gold (NYSE:AUY[17]) retreated 3.5%.
Silver mining shares also retreated.
- Coeur d’Alene Mines (NYSE:CDE[18]) surged 2.5%.
- Hecla Mining (NYSE:HL[19]) fell 3.1%.
- Pan American Silver (NASDAQ:PAAS[20]) sank 3%.
- Silver Wheaton (NYSE:SLW[21]) slumped 3.5%.
- Silver Standard Resources (NASDAQ:SSRI[22]) declined 3.3%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/02/gold-posts-biggest-weekly-loss-since-may/