Gold Climbs on Syria Tensions, Demand

by Christopher Freeburn | June 14, 2013 4:29 pm

[1]Gold rose in Friday trading as equities markets declined. The metal received a boost from rising international tensions over the civil war in Syria and strong demand for gold bars and coins. Gold closed out the week with a small gain.

Gold futures for July delivery increased 0.7% to $1,387.60 per ounce on Friday, according to CME Group[2]. Gold traded as high as $1,391.20 and as low as $1,378.80. Gold bullion closed in London at $1,392, according to BullionVault[3].

Silver futures for July delivery also improved 1.7% to $21.95 per ounce. Friday’s high for silver was $22.50 while the low was $21.62.

Gold and silver funds were moved higher in Friday trading.

• The SPDR Gold Trust (GLD[4]) gained 0.5%.
• The iShares Gold Trust (IAU[5]) also added 0.5%.
• The iShares Silver Trust (SLV[6]) rose 1.3%.

Gold and silver mining ETFs retreated during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) dropped 1.7%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) fell 1.1%.
• The Global X Silver Miners ETF (SIL[9]) declined 1.7%.

Gold mining shares declined Friday.

• Agnico-Eagle Mines (AEM[10]) tumbled 3%.
• Barrick Gold (ABX[11]) slid 1.5%.
• Eldorado Gold (EGO[12]) fell 2.3%.
• Goldcorp (GG[13]) sank 2.6%.
• Kinross Gold (KGC[14]) dropped 3%.
• Newmont Mining (NEM[15]) slipped 1.4%.
• NovaGold Resources (NG[16]) moved down 3.4%.
• Yamana Gold (AUY[17]) dipped 0.8%.

Silver mining shares also slumped during the day.

• Coeur d’Alene Mines (CDE[18]) slipped 0.5%.
• Hecla Mining (HL[19]) fell 3.3%.
• Pan American Silver (PAAS[20]) sank 1.2%.
• Silver Wheaton (SLW[21]) dipped 0.7%.
• Silver Standard Resources (SSRI[22]) tumbled 3.1%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

Source URL: https://investorplace.com/2013/06/gold-climbs-on-syria-tensions-demand/

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