Gold slipped modestly in Friday trading, but still ended the week up 4%, the metal’s best weekly showing in three months. Gold rose early in the trading session after the government reported that the U.S. economy expanded at a slower rate than Wall Street had expected during the first quarter, but fell as profit-takers moved in.
Gold futures for May delivery declined 0.6% to $1,453.60 per ounce on Friday, according to CME Group. Gold traded as high as $1,483.90 and as low as $1,448. Gold bullion closed in London at $1,461, according to BullionVault.
Silver futures for May delivery sank 1.6% to $23.76 per ounce. Friday’s high for silver was $24.80, while the low was $23.59.
Gold and silver funds retreated in Friday trading.
- The SPDR Gold Trust (NYSE:GLD) dipped 0.5%.
- The iShares Gold Trust (NYSE:IAU) declined 0.4%.
- The iShares Silver Trust (NYSE:SLV) slid 1.6%.
Gold and silver mining ETFs moved down during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 3.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 2.7%.
- The Global X Silver Miners ETF (NYSE:SIL) sank 3.6%.
Gold mining shares skidded on Friday.
- Agnico-Eagle Mines (NYSE:AEM) tumbled 6%.
- Barrick Gold (NYSE:ABX) slid 2.7%.
- Eldorado Gold (NYSE:EGO) fell 3.3%.
- Goldcorp (NYSE:GG) sank 3.6%.
- Kinross Gold (NYSE:KGC) dropped 3.2%.
- Newmont Mining (NYSE:NEM) declined 2.5%
- NovaGold Resources (AMEX:NG) retreated 2.9%.
- Yamana Gold (NYSE:AUY) slumped 3.1%.
Silver mining shares declined sharply.
- Coeur d’Alene Mines (NYSE:CDE) sank 5.6%.
- Hecla Mining (NYSE:HL) dropped 5.8%.
- Pan American Silver (NASDAQ:PAAS) slid 2.8%.
- Silver Wheaton (NYSE:SLW) fell 3.2%.
- Silver Standard Resources (NASDAQ:SSRI) tumbled 4.3%.
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.