Gold Rises, Posts Weekly Gain

Silver futures surged 14% during the week

   

PreciousMetalsRecap Gold Rises, Posts Weekly GainContinuing violence and political uncertainty in Egypt, combined with growing confidence that the U.S. Federal Reserve will begin tapering stimulus efforts in coming months, pushed equities down and gold up in Friday trading. The metal posted solid gains for the week.

Gold futures for December delivery climbed 0.7% to $1,371 per ounce on Friday, according to CME Group. Gold traded as high as $1,375.40 and as low as $1,357. Gold bullion closed in London at $1,375, according to BullionVault.

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Time Is of the Essence for a Gold Bounce

Silver futures for December delivery gained 1.7% to $23.37 per ounce. Friday’s high for silver was $23.40, while the low was $22.85.

Gold and silver funds climbed modestly in Friday trading.

  • The SPDR Gold Trust (GLD) rose 0.7%.
  • The iShares Gold Trust (IAU) added 0.8%.
  • The iShares Silver Trust (SLV) gained 0.9%.

Gold and silver mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (GDX) slid 2.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 1.5%.
  • The Global X Silver Miners ETF (SIL) dipped 0.4%.

Gold mining shares slumped on Friday.

  • Agnico-Eagle Mines (AEM) decreased 1.8%.
  • Barrick Gold (ABX) fell 2.4%.
  • Eldorado Gold (EGO) slipped 1.4%.
  • Goldcorp (GG) moved down 0.6%.
  • Kinross Gold (KGC) declined 2.3%.
  • Newmont Mining (NEM) dropped 2.5%.
  • NovaGold Resources (NG) slid 0.3%.
  • Yamana Gold (AUY) sank 1.8%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (CDE) dropped 2.2%.
  • Hecla Mining (HL) fell 1.6%.
  • Pan American Silver (PAAS) declined 2.6%.
  • Silver Wheaton (SLW) slid 1.3%.
  • Silver Standard Resources (SSRI) moved down 2.3%.

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/2013/08/gold-rises-posts-weekly-gain/.

©2014 InvestorPlace Media, LLC

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