Gold Posts Weekly Gain of Nearly 4%

by Christopher Freeburn | October 18, 2013 4:25 pm

[1]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[2]. 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[3].

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[4]) slid 0.4%.
• The iShares Gold Trust (IAU[5]) also declined 0.4%.
• The iShares Silver Trust (SLV[6]) rose 0.3%.

Mining ETFs were also mixed during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) sank 0.5%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) dropped 1.4%.
• The Global X Silver Miners ETF (SIL[9]) added 0.9%.

Gold stocks mostly sank on Friday.

• Agnico-Eagle Mines (AEM[10]) fell 2.2%.
• Barrick Gold (ABX[11]) inched up 0.2%.
• Eldorado Gold (EGO[12]) slid 1.5%.
• Goldcorp (GG[13]) moved down 0.7%.
• Kinross Gold (KGC[14]) dipped 0.2%.
• Newmont Mining (NEM[15]) retreated 0.5%.
• NovaGold Resources (NG[16]) declined 1.3%.
• Yamana Gold (AUY[17]) dropped 2%.

Silver mining shares were mixed during the day.

• Coeur d’Alene Mines (CDE[18]) climbed 1.1%.
• Hecla Mining (HL[19]) added 0.3%.
• Pan American Silver (PAAS[20]) edged up 0.1%.
• Silver Wheaton (SLW[21]) slipped 0.8%.
• Silver Standard Resources (SSRI[22]) fell 1.2%.

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.

Source URL: https://investorplace.com/2013/10/gold-posts-weekly-gain-nearly-4/

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