Gold Posts Weekly Loss on Lower U.S. Trade Deficit

Gold slipped, silver edged up and miners mostly lower

   

Gold Posts Weekly Loss on Lower U.S. Trade Deficit

PreciousMetalsRecap Gold Posts Weekly Loss on Lower U.S. Trade DeficitData showing that the U.S. trade deficit fell to its lowest level in two years during December sent gold modestly lower in Friday trading. The precious metal posted a small weekly loss as investors contemplated signs of a stronger American economy and rising Chinese exports. The dollar rose against most major currencies.

Gold futures for March delivery sank about 0.3% to $1,666.20 on Friday, according to CME Group. Gold traded as high as $1,672.20 and as low as $1,665.20. Gold bullion closed in London at $1,671, according to BullionVault.

Gold185 Gold Posts Weekly Loss on Lower U.S. Trade Deficit
Trade of the Day: Barrick Gold Corp. (ABX)

Silver futures for March delivery rose fractionally to $31.44 per ounce. Friday’s high for silver was $31.70 an ounce, while the low was $31.33.

Gold and silver funds retreated in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) edged down 0.2%.
  • The iShares Gold Trust (NYSE:IAU) also dipped 0.2%.
  • The iShares Silver Trust (NYSE:SLV) declined 0.1%.

Gold and silver mining ETFs moved lower during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) slipped 0.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 0.4%.
  • The Global X Silver Miners ETF (NYSE:SIL) sank 0.1%.

Gold mining shares mostly pulled back on Friday.

  • Agnico-Eagle Mines (NYSE:AEM) dropped 0.4%.
  • Barrick Gold (NYSE:ABX) was flat.
  • Eldorado Gold (NYSE:EGO) fell 1.2%.
  • Goldcorp (NYSE:GG) dipped 0.1%.
  • Kinross Gold (NYSE:KGC) slid 1.5%.
  • Newmont Mining (NYSE:NEM) fell 0.7%.
  • NovaGold Resources (AMEX:NG) was unchanged.
  • Yamana Gold (NYSE:AUY) declined 1.4%.

Silver mining shares were mixed.

  • Coeur d’Alene Mines (NYSE:CDE) rose 1.2%.
  • Hecla Mining (NYSE:HL) was flat.
  • Pan American Silver (NASDAQ:PAAS) rose 0.3%.
  • Silver Wheaton (NYSE:SLW) fell 0.8%.
  • Silver Standard Resources (NASDAQ:SSRI) gained 0.4%.

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-weekly-loss-on-lower-u-s-trade-deficit/.

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