Gold Posts Biggest Weekly Rise in Almost Two Years

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Gold Silver GLD IAU SLVGold pulled back slightly in Friday trading, but still ended the week with a 5.4% gain — the metal’s largest weekly jump since October 2011.

Gold futures for August delivery slipped 0.2% to $1,277.60 per ounce Friday, according to CME Group. Gold traded as high as $1,287.40 and as low as $1,266.40. Gold bullion closed in London at $1,285, according to BullionVault.

Silver futures for August delivery also sank 0.8% to $19.78 per ounce. Friday’s high for silver was $20.13, while the low was $19.67.

Gold and silver funds cooled in Friday trading.

  • The SPDR Gold Trust (GLD) slid 0.1%.
  • The iShares Gold Trust (IAU) dipped 0.2%.
  • The iShares Silver Trust (SLV) fell 1.4%.

Gold and silver mining ETFs pulled back during the day.

  • The Market Vectors Gold Miners ETF (GDX) dropped 2.4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) slipped 1%.
  • The Global X Silver Miners ETF (SIL) declined 2%.

Gold mining shares mostly retreated on Friday.

  • Agnico-Eagle Mines (AEM) sank 2.6%.
  • Barrick Gold (ABX) fell 1.8%.
  • Eldorado Gold (EGO) dropped 3.1%.
  • Goldcorp (GG) slid 1.7%.
  • Kinross Gold (KGC) declined 2%.
  • Newmont Mining (NEM) moved down 2.4%.
  • NovaGold Resources (NG) gained 2%.
  • Yamana Gold (AUY) slipped 2.3%.

Silver mining shares sank during the day.

  • Coeur d’Alene Mines (CDE) fell 2.5%.
  • Hecla Mining (HL) dropped 2.7%.
  • Pan American Silver (PAAS) dipped 0.8%.
  • Silver Wheaton (SLW) declined 1.7%.
  • Silver Standard Resources (SSRI) tumbled 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, https://investorplace.com/2013/07/gold-posts-biggest-weekly-rise-in-almost-two-years/.

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