Gold fell in Friday trading as lawmakers in Cyprus scrambled to a find ways to fund a European Union bailout package, reassuring investors that a deal would ultimately be negotiated. A series of bills are expected to be voted on tonight.
Investors took profits on the metal’s recent rise, but gold still posted a gain for the week.
Gold futures for April delivery slid 0.5% to $1,606.10 per ounce on Friday, according to CME Group. Gold traded as high as $1,615.30 and as low as $1,602.60. Gold bullion closed in London at $1,610, according to BullionVault.
Silver futures for April delivery dropped 1.8% to $28.67 per ounce. Friday’s high for silver was $29.10, while the low was $28.54.
Gold and silver funds retreated in Friday trading.
- The SPDR Gold Trust (NYSE:GLD) dipped 0.4%.
- The iShares Gold Trust (NYSE:IAU) fell 0.5%.
- The iShares Silver Trust (NYSE:SLV) declined 1.6%.
Gold and silver mining ETFs mostly sank during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 0.7%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) also skidded 0.7%.
- The Global X Silver Miners ETF (NYSE:SIL) edged up 0.2%.
Gold mining shares were mixed on Friday.
- Agnico-Eagle Mines (NYSE:AEM) dipped 0.4%.
- Barrick Gold (NYSE:ABX) slipped 0.8%.
- Eldorado Gold (NYSE:EGO) rose 1.1%.
- Goldcorp (NYSE:GG) climbed 0.4%.
- Kinross Gold (NYSE:KGC) inched up 0.3%.
- Newmont Mining (NYSE:NEM) gained 0.4%.
- NovaGold Resources (AMEX:NG) sank 2.5%.
- Yamana Gold (NYSE:AUY) increased 0.8%.
Silver mining shares mostly declined.
- Coeur d’Alene Mines (NYSE:CDE) slumped 1.6%.
- Hecla Mining (NYSE:HL) dropped 2.9%.
- Pan American Silver (NASDAQ:PAAS) sank 1.7%.
- Silver Wheaton (NYSE:SLW) rose 0.8%.
- Silver Standard Resources (NASDAQ:SSRI) fell 1.4%.
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.