Gold Posts Fourth Consecutive Weekly Loss

Gold edged up, silver fell and miners mostly gained

   

Gold Posts Fourth Consecutive Weekly Loss

PreciousMetalsRecap 150x150 Gold Posts Fourth Consecutive Weekly LossSigns of increased gold buying in Asia sent the metal modestly higher in Friday trading. However, two sessions of gains could not offset steep losses suffered on Monday, and gold futures closed out the week with a 7% loss, marking their fourth straight weekly decline.

Gold futures for May delivery inched up 0.2% to $1,395.30 per ounce on Friday, according to CME Group. Gold traded as high as $1,424 and as low as $1,386.10. Gold bullion closed in London at $1,404, according to BullionVault.

gold nuggets stones 630 200x200 Gold Posts Fourth Consecutive Weekly Loss
Gold Gives a Warning Shot to the Market

Silver futures for May delivery fell 1.2% to $22.96 per ounce. Friday’s high for silver was $23.82, while the low was $22.87.

Gold and silver funds mostly increased in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) gained 0.9%.
  • The iShares Gold Trust (NYSE:IAU) also rose 0.9%.
  • The iShares Silver Trust (NYSE:SLV) added 0.1%.

Gold and silver mining ETFs moved higher during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) climbed 1.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) rose 1.7%.
  • The Global X Silver Miners ETF (NYSE:SIL) improved 1.5%.

Gold mining shares increased on Friday.

  • Agnico-Eagle Mines (NYSE:AEM) was unchanged.
  • Barrick Gold (NYSE:ABX) climbed 1.1%.
  • Eldorado Gold (NYSE:EGO) added 1.2%.
  • Goldcorp (NYSE:GG) moved up 0.1%.
  • Kinross Gold (NYSE:KGC) improved 1%.
  • Newmont Mining (NYSE:NEM) rose 0.6%.
  • NovaGold Resources (AMEX:NG) advanced 1.3%.
  • Yamana Gold (NYSE:AUY) edged higher 0.3%.

Silver mining shares mostly advanced, too.

  • Coeur d’Alene Mines (NYSE:CDE) rose 2.3%.
  • Hecla Mining (NYSE:HL) added 1.2%.
  • Pan American Silver (NASDAQ:PAAS) also gained 1.2%.
  • Silver Wheaton (NYSE:SLW) fell 1.8%.
  • Silver Standard Resources (NASDAQ:SSRI) climbed 1.3%.

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/2013/04/gold-posts-fourth-consecutive-weekly-loss/.

©2014 InvestorPlace Media, LLC

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