Gold Posts Weekly Gain of Nearly 3%
by Christopher Freeburn | October 25, 2013 4:17 pm
[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.
- The SPDR Gold Shares (GLD[4]) rose 0.4%.
- The iShares Gold Trust (IAU[5]) added 0.4%.
- The iShares Silver Trust (SLV[6]) slid 0.7%.
Mining ETFs gained during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) gained 0.7%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) moved up 0.7%.
- The Global X Silver Miners ETF (SIL[9]) improved 1.1%.
Gold stocks mostly advanced on Friday.
- Agnico-Eagle Mines (AEM[10]) added 1%.
- Barrick Gold (ABX[11]) edged up 0.3%.
- Eldorado Gold (EGO[12]) rose 0.9%.
- Goldcorp (GG[13]) increased 0.5%.
- Kinross Gold (KGC[14]) rose 0.8%.
- Newmont Mining (NEM[15]) climbed 0.6%.
- NovaGold Resources (NG[16]) dropped 2.1%.
- Yamana Gold (AUY[17]) moved up 0.6%.
Silver mining shares mostly improved during the day.
- Coeur d’Alene Mines (CDE[18]) rose 0.7%.
- Hecla Mining (HL[19]) fell 0.6%.
- Pan American Silver (PAAS[20]) added 0.8%.
- Silver Wheaton (SLW[21]) moved up 0.5%.
- Silver Standard Resources (SSRI[22]) gained 0.8%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/10/gold-posts-weekly-gain-nearly-3/