Gold Posts Weekly Loss on Lower U.S. Trade Deficit
by Christopher Freeburn | February 8, 2013 5:01 pm
[1]Data 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[2]. 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[3].
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[4]) edged down 0.2%.
- The iShares Gold Trust (NYSE:IAU[5]) also dipped 0.2%.
- The iShares Silver Trust (NYSE:SLV[6]) declined 0.1%.
Gold and silver mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) slipped 0.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) fell 0.4%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) sank 0.1%.
Gold mining shares mostly pulled back on Friday.
- Agnico-Eagle Mines (NYSE:AEM[10]) dropped 0.4%.
- Barrick Gold (NYSE:ABX[11]) was flat.
- Eldorado Gold (NYSE:EGO[12]) fell 1.2%.
- Goldcorp (NYSE:GG[13]) dipped 0.1%.
- Kinross Gold (NYSE:KGC[14]) slid 1.5%.
- Newmont Mining (NYSE:NEM[15]) fell 0.7%.
- NovaGold Resources (AMEX:NG[16]) was unchanged.
- Yamana Gold (NYSE:AUY[17]) declined 1.4%.
Silver mining shares were mixed.
- Coeur d’Alene Mines (NYSE:CDE[18]) rose 1.2%.
- Hecla Mining (NYSE:HL[19]) was flat.
- Pan American Silver (NASDAQ:PAAS[20]) rose 0.3%.
- Silver Wheaton (NYSE:SLW[21]) fell 0.8%.
- Silver Standard Resources (NASDAQ:SSRI[22]) gained 0.4%.
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-weekly-loss-on-lower-u-s-trade-deficit/