Gold Posts Strong 6% Gain for August

by Christopher Freeburn | August 30, 2013 4:28 pm

[1]Fading prospects of a U.S. military strike on Syria weakened gold’s safe-haven appeal, sending the metal lower in Friday trading. Still, gold closed out the month with a 6.3% gain.

Gold futures for December delivery dropped 1.2% to $1,396.10 per ounce on Friday, according to CME Group[2]. Gold traded as high as $1,411.50 and as low as $1,391.80. Gold bullion closed in London at $1,398, according to BullionVault[3].

Silver futures for December delivery slid 2.6% to $23.51 per ounce. Friday’s high for silver was $24.07, while the low was $23.41.

Gold and silver funds sank in Friday trading.

• The SPDR Gold Shares (GLD[4]) fell 0.9%.
• The iShares Gold Trust (IAU[5]) slipped 1%.
• The iShares Silver Trust (SLV[6]) dropped 1.7%.

Gold and silver mining ETFs moved lower during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) declined 1.5%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) slid 1.9%.
• The Global X Silver Miners ETF (SIL[9]) slumped 1.5%.

Gold mining shares declined on Friday.

• Agnico-Eagle Mines (AEM[10]) fell 1.4%.
• Barrick Gold (ABX[11]) sank 2.7%.
• Eldorado Gold (EGO[12]) slipped 1%.
• Goldcorp (GG[13]) decreased 1.4%.
• Kinross Gold (KGC[14]) dipped 0.2%.
• Newmont Mining (NEM[15]) also slid 0.2%.
• NovaGold Resources (NG[16]) moved down 0.4%.
• Yamana Gold (AUY[17]) pulled back 1.1%.

Silver mining shares retreated during the day.

• Coeur d’Alene Mines (CDE[18]) dipped 1.3%.
• Hecla Mining (HL[19]) sank 1.7%.
• Pan American Silver (PAAS[20]) fell 1.4%.
• Silver Wheaton (SLW[21]) declined 1.1%.
• 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/2013/08/gold-posts-strong-6-gain-for-august/

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