Gold Posts Biggest Weekly Rise in Almost Two Years

by Christopher Freeburn | July 12, 2013 4:40 pm

[1]Gold 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[2]. 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[3].

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[4]) slid 0.1%.
• The iShares Gold Trust (IAU[5]) dipped 0.2%.
• The iShares Silver Trust (SLV[6]) fell 1.4%.

Gold and silver mining ETFs pulled back during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) dropped 2.4%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) slipped 1%.
• The Global X Silver Miners ETF (SIL[9]) declined 2%.

Gold mining shares mostly retreated on Friday.

• Agnico-Eagle Mines (AEM[10]) sank 2.6%.
• Barrick Gold (ABX[11]) fell 1.8%.
• Eldorado Gold (EGO[12]) dropped 3.1%.
• Goldcorp (GG[13]) slid 1.7%.
• Kinross Gold (KGC[14]) declined 2%.
• Newmont Mining (NEM[15]) moved down 2.4%.
• NovaGold Resources (NG[16]) gained 2%.
• Yamana Gold (AUY[17]) slipped 2.3%.

Silver mining shares sank during the day.

• Coeur d’Alene Mines (CDE[18]) fell 2.5%.
• Hecla Mining (HL[19]) dropped 2.7%.
• Pan American Silver (PAAS[20]) dipped 0.8%.
• Silver Wheaton (SLW[21]) declined 1.7%.
• Silver Standard Resources (SSRI[22]) tumbled 3%.

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/2013/07/gold-posts-biggest-weekly-rise-in-almost-two-years/

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