Gold Posts Weekly Gain of Nearly 3%

by Christopher Freeburn | October 25, 2013 4:17 pm

Gold Silver GLD IAU SLV[1]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 futures for December delivery edged up 0.2% to $1,352.50 per ounce on Friday, according to CME Group[2]. 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[3].

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.

Mining ETFs gained during the day.

Gold stocks mostly advanced on Friday.

Silver mining shares mostly improved 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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