Gold Posts Weekly Drop of More Than 3%

by Christopher Freeburn | November 22, 2013 4:28 pm

Gold edged fractionally higher in Friday trading, snapping two straight sessions of sharp declines. Still, the precious metal closed out the week down 3.4%, its worst weekly showing since September.

Gold Silver GLD IAU SLV[1]Gold futures for December delivery climbed 50 cents to $1,244.10 per ounce on Friday, according to CME Group[2]. Gold traded as high as $1,248.30 and as low as $1,240.30. Bullion closed in London at $1,244, according to BullionVault[3].

Silver futures for December slipped 0.4% to $19.86 per ounce. Friday’s high for silver was $20.05, while the low was $19.82.

Metal funds were mostly lower on Friday.

Mining ETFs retreated during the day.

Gold stocks mostly pulled back on Friday.

Silver mining shares mostly sank during the day.

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.

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  23. BullionVault:

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