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Gold Posts Weekly Loss as U.S. Dollar Climbs

Kinross Gold, Hecla Mining decline after reporting earnings

   

Gold Silver GLD IAU SLVGold 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.

Send These 2 Gold Miners Packing
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/.

©2016 InvestorPlace Media, LLC

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