Gold Posts Biggest Weekly Rise in Almost Two Years

However, silver slip and miners head south, too

   

PreciousMetalsRecap Gold Posts Biggest Weekly Rise in Almost Two YearsGold 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.

gold nuggets stones 630 200x200 Gold Posts Biggest Weekly Rise in Almost Two Years
Time for the Golden Rupee Trade in GLD

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, http://investorplace.com/2013/07/gold-posts-biggest-weekly-rise-in-almost-two-years/.

©2014 InvestorPlace Media, LLC

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