Gold Posts Weekly Loss of More Than 2%
by Christopher Freeburn | October 4, 2013 4:22 pm
[1]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[2]. Gold traded as high as $1,326 and as low as $1,305.10. Bullion closed in London at $1,313, according to BullionVault[3].
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[4]) slipped 0.5%.
- The iShares Gold Trust (IAU[5]) fell 0.5%.
- The iShares Silver Trust (SLV[6]) edged up 0.1%.
Mining ETFs sank during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) dipped 0.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) dropped 2.7%.
- The Global X Silver Miners ETF (SIL[9]) fell 0.9%.
Gold mining shares retreated on Friday.
- Agnico-Eagle Mines (AEM[10]) moved down 1.1%.
- Barrick Gold (ABX[11]) edged lower 0.4%.
- Eldorado Gold (EGO[12]) slipped 0.2%.
- Goldcorp (GG[13]) fell 0.8%.
- Kinross Gold (KGC[14]) slid 0.4%.
- Newmont Mining (NEM[15]) sank 0.6%.
- NovaGold Resources (NG[16]) dropped 1.8%.
- Yamana Gold (AUY[17]) waned 0.9%.
Silver mining shares were mixed during the day.
- Coeur d’Alene Mines (CDE[18]) slipped 0.3%.
- Hecla Mining (HL[19]) was unchanged.
- Pan American Silver (PAAS[20]) gained 0.7%.
- Silver Wheaton (SLW[21]) fell 0.8%.
- Silver Standard Resources (SSRI[22]) added 0.4%.
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.
Endnotes:
- [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/
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