Gold Cools on Cyprus, Gains for Week

Gold and silver fell, while miners were mixed


Gold Silver GLD IAU SLVGold 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’s Not Quite Ready to Short Yet, But …
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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