The metal dropped sharply even as negotiations between congressional Republicans and the White House over a possible debt ceiling extension continued with no clear agreement yet in sight. The metal ended the week down 4.3%.
Gold futures for December delivery sank 2.2% to $1,268.20 per ounce on Friday, according to CME Group. Gold traded as high as $1,294.80 and as low as $1,259.60. Bullion closed in London at $1,273, according to BullionVault.
Silver futures for December delivery fell 2.9% to $21.26 per ounce. Friday’s high for silver was $21.86, while the low was $20.95.
Metal funds declined in Friday trading.
- The SPDR Gold Shares (GLD) fell 1.3%.
- The iShares Gold Trust (IAU) slid 1.4%.
- The iShares Silver Trust (SLV) sank 1.5%.
Mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (GDX) sank 2.3%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 3%.
- The Global X Silver Miners ETF (SIL) fell 1.6%.
Gold mining shares pulled back on Friday.
- Agnico-Eagle Mines (AEM) slid 1.4%.
- Barrick Gold (ABX) dropped 3.4%.
- Eldorado Gold (EGO) tumbled 4.3%.
- Goldcorp (GG) decreased 2.7%.
- Kinross Gold (KGC) slipped 1.3%.
- Newmont Mining (NEM) fell 2.6%.
- NovaGold Resources (NG) moved down 1.4%.
- Yamana Gold (AUY) declined 3%.
Silver mining shares mostly sank during the day.
- Coeur d’Alene Mines (CDE) dropped 2.4%.
- Hecla Mining (HL) fell 1.9%.
- Pan American Silver (PAAS) slid 2%.
- Silver Wheaton (SLW) moved down 1.3%.
- Silver Standard Resources (SSRI) was unchanged.
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.