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Gold Posts Weekly Gain of Nearly 3%

Silver fell, but miners mostly gained

   

Gold Silver GLD IAU SLVA 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 Stocks Are Shining Again
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/.

©2016 InvestorPlace Media, LLC

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