Gold Drops on Profit Taking, Posts Gain for Week

Metals sink, and miners drop off along with them

   

PreciousMetalsRecap Gold Drops on Profit Taking, Posts Gain for WeekGold fell sharply in Friday trading as investors cashed out profits from the post-Fed price surge. Despite the fall, the precious metal still closed out the week up 1.8%.

Gold futures for December delivery dropped 2.7% to $1,332.50 per ounce on Friday, according to CME Group. Gold traded as high as $1,368.40 and as low as $1,327.20. Gold bullion closed in London at $1,328, according to BullionVault.

11103054 gold bullion 200x200 Gold Drops on Profit Taking, Posts Gain for Week
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Silver futures for December delivery slid 5.9%to $21.93 per ounce. Friday’s high for silver was $23.18, while the low was $21.78.

Gold and silver funds sank in Friday trading.

  • The SPDR Gold Shares (GLD) fell 2.9%.
  • The iShares Gold Trust (IAU) also dropped 2.9%.
  • The iShares Silver Trust (SLV) tumbled 5.4%.

Gold and silver mining ETFs declined sharply during the day.

  • The Market Vectors Gold Miners ETF (GDX) dropped 6.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) plunged 9.1%.
  • The Global X Silver Miners ETF (SIL) sank 6.4%.

Gold mining shares pulled back on Friday.

  • Agnico-Eagle Mines (AEM) fell 6.6%.
  • Barrick Gold (ABX) moved down 4.3%.
  • Eldorado Gold (EGO) tumbled 9%.
  • Goldcorp (GG) dropped 5.5%.
  • Kinross Gold (KGC) slid 6.5%.
  • Newmont Mining (NEM) declined 5.7%.
  • NovaGold Resources (NG) plunged 8.9%.
  • Yamana Gold (AUY) decreased 6.8%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (CDE) dropped 7.4%.
  • Hecla Mining (HL) fell 6%.
  • Pan American Silver (PAAS) declined 5.8%.
  • Silver Wheaton (SLW) sank 6.3%.
  • Silver Standard Resources (SSRI) dipped 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/2013/09/gold-drops-on-profit-taking-posts-gain-for-week/.

©2014 InvestorPlace Media, LLC

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