Gold continued to slide on Friday as an early tapering of Federal Reserve stimulus appeared more likely to investors and the chances of U.S. military action in the Middle East seemed increasingly remote. The precious metal finished almost 6% lower for the week.
Gold futures for December delivery fell 1.7% to $1,308.60 per ounce on Friday, according to CME Group. Gold traded as high as $1,330.80 and as low as $1,304.60. Gold bullion closed in London at $1,323, according to BullionVault.
Silver futures for December delivery sank 1.9% to $21.72 per ounce. Friday’s high for silver was $22.19, while the low was $21.42.
Gold and silver funds mostly gained in Friday trading.
- The SPDR Gold Shares (GLD) edged up 0.1%.
- The iShares Gold Trust (IAU) was flat.
- The iShares Silver Trust (SLV) rose 1.7%.
Gold and silver mining ETFs mostly moved higher during the day.
- The Market Vectors Gold Miners ETF (GDX) climbed 1.5%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) increased 1.4%.
- The Global X Silver Miners ETF (SIL) was unchanged.
Gold mining shares mostly increased on Friday.
- Agnico-Eagle Mines (AEM) added 1.9%.
- Barrick Gold (ABX) rose 0.6%.
- Eldorado Gold (EGO) gained 1%.
- Goldcorp (GG) advanced 1.9%.
- Kinross Gold (KGC) moved up 1.4%.
- Newmont Mining (NEM) slipped 0.1%.
- NovaGold Resources (NG) climbed 1.9%.
- Yamana Gold (AUY) grew 2.3%.
Silver mining shares advanced during the day.
- Coeur d’Alene Mines (CDE) rose 1.3%.
- Hecla Mining (HL) added 1.3%.
- Pan American Silver (PAAS) edged up 0.3%.
- Silver Wheaton (SLW) gained 2.6%.
- Silver Standard Resources (SSRI) climbed 0.7%.
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.