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.

[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.

• The SPDR Gold Shares (GLD[4]) were flat.
• The iShares Gold Trust (IAU[5]) was unchanged.
• The iShares Silver Trust (SLV[6]) sank 0.6%.

Mining ETFs retreated during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) fell 1.1%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) dropped 1.9%.
• The Global X Silver Miners ETF (SIL[9]) declined 0.8%.

Gold stocks mostly pulled back on Friday.

• Agnico-Eagle Mines (AEM[10]) slid 1%.
• Barrick Gold (ABX[11]) dropped 2.8%.
• Eldorado Gold (EGO[12]) fell 1.9%.
• Goldcorp (GG[13]) waned 0.8%.
• Kinross Gold (KGC[14]) rose 0.2%.
• Newmont Mining (NEM[15]) slipped 0.5%.
• NovaGold Resources (NG[16]) tumbled 3.1%.
• Yamana Gold (AUY[17]) declined 0.7%.

Silver mining shares mostly sank during the day.

• Coeur d’Alene Mines (CDE[18]) dipped 0.4%.
• Hecla Mining (HL[19]) slid 0.5%.
• Pan American Silver (PAAS[20]) edged down 0.1%.
• Silver Wheaton (SLW[21]) fell 0.7%.
• Silver Standard Resources (SSRI[22]) surged 3.9%.

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/2013/11/gold-posts-weekly-drop-3/

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