Gold Cools on Cyprus, Gains for Week

Gold and silver fell, while miners were mixed


PreciousMetalsRecap Gold Cools on Cyprus, Gains for WeekGold 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 coins scoop 630 flickr 200x160 Gold Cools on Cyprus, Gains for Week
Gold’s Not Quite Ready to Short Yet, But …

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.

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