Gold Drops on Profit Taking, Posts Gain for Week

by Christopher Freeburn | September 20, 2013 4:57 pm

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

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[4]) fell 2.9%.
• The iShares Gold Trust (IAU[5]) also dropped 2.9%.
• The iShares Silver Trust (SLV[6]) tumbled 5.4%.

Gold and silver mining ETFs declined sharply during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) dropped 6.1%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) plunged 9.1%.
• The Global X Silver Miners ETF (SIL[9]) sank 6.4%.

Gold mining shares pulled back on Friday.

• Agnico-Eagle Mines (AEM[10]) fell 6.6%.
• Barrick Gold (ABX[11]) moved down 4.3%.
• Eldorado Gold (EGO[12]) tumbled 9%.
• Goldcorp (GG[13]) dropped 5.5%.
• Kinross Gold (KGC[14]) slid 6.5%.
• Newmont Mining (NEM[15]) declined 5.7%.
• NovaGold Resources (NG[16]) plunged 8.9%.
• Yamana Gold (AUY[17]) decreased 6.8%.

Silver mining shares retreated during the day.

• Coeur d’Alene Mines (CDE[18]) dropped 7.4%.
• Hecla Mining (HL[19]) fell 6%.
• Pan American Silver (PAAS[20]) declined 5.8%.
• Silver Wheaton (SLW[21]) sank 6.3%.
• Silver Standard Resources (SSRI[22]) dipped 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/2013/09/gold-drops-on-profit-taking-posts-gain-for-week/

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