Gold Posts Weekly Loss as U.S. Dollar Climbs

Kinross Gold, Hecla Mining decline after reporting earnings

   

PreciousMetalsRecap Gold Posts Weekly Loss as U.S. Dollar ClimbsGold tumbled in Friday trading under pressure from a resurgent U.S. dollar and posted its first weekly loss in three weeks, declining 1.9% for the five-day period.

The greenback, which rose to 100 yen for the first time since 2009 on Thursday, extended its gains against Japan’s currency, hitting 101.4 yen on Friday.

11103054 gold bullion 200x200 Gold Posts Weekly Loss as U.S. Dollar Climbs
Send These 2 Gold Miners Packing

Shares of Kinross Gold (NYSE:KGC) closed down 2% after the company reported first-quarter earnings of 15 cents a share, beating estimates, but falling short of the profit of 17 cents a share it posted during the same time last year. Hecla Mining (NYSE:HL) shares fell 2.1% after the company reported a 16% dip in first-quarter sales.

Gold futures for June delivery dropped 2.2% to $1,436.60 per ounce on Friday, according to CME Group. Gold traded as high as $1,461.20 and as low as $1,418.50. Gold bullion closed in London at $1,449, according to BullionVault.

Silver futures for June delivery slid 1.1% to $23.89 per ounce. Friday’s high for silver was $23.73, while the low was $23.16.

Gold and silver funds were mixed in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) fell 0.8%.
  • The iShares Gold Trust (NYSE:IAU) slid 0.9%.
  • The iShares Silver Trust (NYSE:SLV) rose 0.4%.

Gold and silver mining ETFs were also mixed during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) edged down 0.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) gained 0.4%.
  • The Global X Silver Miners ETF (NYSE:SIL) declined 0.1%.

Gold mining shares mostly declined on Friday.

  • Agnico-Eagle Mines (NYSE:AEM) declined 0.7%.
  • Barrick Gold (NYSE:ABX) dipped 0.1%.
  • Eldorado Gold (NYSE:EGO) added 0.9%.
  • Goldcorp (NYSE:GG) slipped 0.1%.
  • Kinross Gold sank 2%.
  • Newmont Mining (NYSE:NEM) fell 0.1%.
  • NovaGold Resources (AMEX:NG) tumbled 3.1%.
  • Yamana Gold (NYSE:AUY) moved down 0.8%.

Silver mining shares were mixed.

  • Coeur d’Alene Mines (NYSE:CDE) rose 0.3%.
  • Hecla Mining dropped 2.1%.
  • Pan American Silver (NASDAQ:PAAS) climbed 1.6%.
  • Silver Wheaton (NYSE:SLW) slipped 0.1%.
  • Silver Standard Resources (NASDAQ:SSRI) added 0.6%.

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/2013/05/gold-posts-weekly-loss-as-u-s-dollar-climbs/.

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