Gold Posts Weekly Gain of Nearly 3%

Silver fell, but miners mostly gained

   

PreciousMetalsRecap Gold Posts Weekly Gain of Nearly 3%A report showing eroding consumer confidence sent gold up fractionally in Friday trading. The metal closed up 2.9% for the week.

The University of Michigan/Thomson Reuters consumer-sentiment index dropped to a reading of 73.2 in October, down from 77.5 in September. That marked its lowest reading since December 2012.

gold bars Gold Posts Weekly Gain of Nearly 3%
Gold Stocks Are Shining Again

Gold futures for December delivery edged up 0.2% to $1,352.50 per ounce on Friday, according to CME Group. Gold traded as high as $1,356.40 and as low as $1,335.30. Bullion closed in London at $1,348, according to BullionVault.

Silver futures for December slid 0.8% to $22.64 per ounce. Friday’s high for silver was $22.76, while the low was $22.26.

Metal funds were mixed in Friday trading.

  • The SPDR Gold Shares (GLD) rose 0.4%.
  • The iShares Gold Trust (IAU) added 0.4%.
  • The iShares Silver Trust (SLV) slid 0.7%.

Mining ETFs gained during the day.

  • The Market Vectors Gold Miners ETF (GDX) gained 0.7%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) moved up 0.7%.
  • The Global X Silver Miners ETF (SIL) improved 1.1%.

Gold stocks mostly advanced on Friday.

  • Agnico-Eagle Mines (AEM) added 1%.
  • Barrick Gold (ABX) edged up 0.3%.
  • Eldorado Gold (EGO) rose 0.9%.
  • Goldcorp (GG) increased 0.5%.
  • Kinross Gold (KGC) rose 0.8%.
  • Newmont Mining (NEM) climbed 0.6%.
  • NovaGold Resources (NG) dropped 2.1%.
  • Yamana Gold (AUY) moved up 0.6%.

Silver mining shares mostly improved during the day.

  • Coeur d’Alene Mines (CDE) rose 0.7%.
  • Hecla Mining (HL) fell 0.6%.
  • Pan American Silver (PAAS) added 0.8%.
  • Silver Wheaton (SLW) moved up 0.5%.
  • Silver Standard Resources (SSRI) gained 0.8%.

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/2013/10/gold-posts-weekly-gain-nearly-3/.

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