Gold Posts Weekly Loss of More Than 2%

Miners mostly joined their metals moving lower for the day

   

PreciousMetalsRecap Gold Posts Weekly Loss of More Than 2%Gold declined modestly in Friday trading as the U.S. government remained shutdown by a political impasse for the fourth consecutive day. The metal ended down 2.2% for the week.

Gold futures for December delivery sank 0.6% to $1,309.90 per ounce on Friday, according to CME Group. Gold traded as high as $1,326 and as low as $1,305.10. Bullion closed in London at $1,313, according to BullionVault.

11103054 gold bullion 200x200 Gold Posts Weekly Loss of More Than 2%
Trade of the Day: SPDR Gold Trust (GLD)

Silver futures for December delivery dipped 0.2% to $21.75 per ounce. Friday’s high for silver was $21.93, while the low was $21.50.

Metal funds mostly slid in Friday trading.

  • The SPDR Gold Shares (GLD) slipped 0.5%.
  • The iShares Gold Trust (IAU) fell 0.5%.
  • The iShares Silver Trust (SLV) edged up 0.1%.

Mining ETFs sank during the day.

  • The Market Vectors Gold Miners ETF (GDX) dipped 0.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 2.7%.
  • The Global X Silver Miners ETF (SIL) fell 0.9%.

Gold mining shares retreated on Friday.

  • Agnico-Eagle Mines (AEM) moved down 1.1%.
  • Barrick Gold (ABX) edged lower 0.4%.
  • Eldorado Gold (EGO) slipped 0.2%.
  • Goldcorp (GG) fell 0.8%.
  • Kinross Gold (KGC) slid 0.4%.
  • Newmont Mining (NEM) sank 0.6%.
  • NovaGold Resources (NG) dropped 1.8%.
  • Yamana Gold (AUY) waned 0.9%.

Silver mining shares were mixed during the day.

  • Coeur d’Alene Mines (CDE) slipped 0.3%.
  • Hecla Mining (HL) was unchanged.
  • Pan American Silver (PAAS) gained 0.7%.
  • Silver Wheaton (SLW) fell 0.8%.
  • Silver Standard Resources (SSRI) added 0.4%.

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-loss-of-more-than-2/.

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