Gold Drops on Profit Taking, Posts Gain for Week

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

PreciousMetalsRecap Gold Drops on Profit Taking, Posts Gain for Week[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.

Gold and silver mining ETFs declined sharply during the day.

Gold mining shares pulled back on Friday.

Silver mining shares retreated during the day.

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.

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  23. BullionVault:

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