Gold Posts Weekly Gain of Nearly 4%

Metals dip in Friday trading, and miners end with mixed results

   

PreciousMetalsRecap Gold Posts Weekly Gain of Nearly 4%Gold fell back slightly in Friday trading as investors took profits after yesterday’s sharp rise. Despite today’s dip, the metal closed out the week up 3.7%.

Gold futures for December delivery sank 0.6% to $1,314.60 per ounce on Friday, according to CME Group. Gold traded as high as $1,328.90 and as low as $1,311.20. Bullion closed in London at $1,317, according to BullionVault.

11103054 gold bullion 200x200 Gold Posts Weekly Gain of Nearly 4%
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Silver futures for December edged down 0.2% to $21.91 per ounce. Friday’s high for silver was $22.05, while the low was $21.74.

Metal funds were mixed in Friday trading.

  • The SPDR Gold Shares (GLD) slid 0.4%.
  • The iShares Gold Trust (IAU) also declined 0.4%.
  • The iShares Silver Trust (SLV) rose 0.3%.

Mining ETFs were also mixed during the day.

  • The Market Vectors Gold Miners ETF (GDX) sank 0.5%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 1.4%.
  • The Global X Silver Miners ETF (SIL) added 0.9%.

Gold stocks mostly sank on Friday.

  • Agnico-Eagle Mines (AEM) fell 2.2%.
  • Barrick Gold (ABX) inched up 0.2%.
  • Eldorado Gold (EGO) slid 1.5%.
  • Goldcorp (GG) moved down 0.7%.
  • Kinross Gold (KGC) dipped 0.2%.
  • Newmont Mining (NEM) retreated 0.5%.
  • NovaGold Resources (NG) declined 1.3%.
  • Yamana Gold (AUY) dropped 2%.

Silver mining shares were mixed during the day.

  • Coeur d’Alene Mines (CDE) climbed 1.1%.
  • Hecla Mining (HL) added 0.3%.
  • Pan American Silver (PAAS) edged up 0.1%.
  • Silver Wheaton (SLW) slipped 0.8%.
  • Silver Standard Resources (SSRI) fell 1.2%.

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-4/.

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