Gold Posts Weekly Gain on Renewed Stimulus Confidence

NovaGold Resources bucked a downward trend among gold miners

   

Gold Posts Weekly Gain on Renewed Stimulus Confidence

PreciousMetalsRecap Gold Posts Weekly Gain on Renewed Stimulus ConfidenceGold inched higher in Friday trading, adding slightly to yesterday’s gains, as investors digested Fed Chair nominee Janet Yellen’s Senate testimony from Thursday. The metal closed out the week with a 0.2% increase, its first weekly rise in three weeks.

During a confirmation hearing yesterday, Yellen defended the Fed’s stimulus efforts and signaled that the U.S. economy was not yet strong enough for the central bank to begin tapering its monthly bond-buying.

gold bars Gold Posts Weekly Gain on Renewed Stimulus Confidence
Should I Buy Gold? 3 Pros, 3 Cons

Gold futures for December delivery rose 0.1% to $1,287.40 per ounce on Friday, according to CME Group. Gold traded as high as $1,290.80 and as low as $1,279.60. Bullion closed in London at $1,290, according to BullionVault.

Silver futures for December were flat at $20.73 per ounce. Friday’s high for silver was $20.82, while the low was $20.55.

Metal funds were mostly lower in Friday trading.

  • The SPDR Gold Shares (GLD) was flat.
  • The iShares Gold Trust (IAU) was also flat.
  • The iShares Silver Trust (SLV) sank 0.3%.

Mining ETFs mostly retreated during the day.

  • The Market Vectors Gold Miners ETF (GDX) slid 1.7%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) fell 1.1%.
  • The Global X Silver Miners ETF (SIL) added 0.2%.

Gold stocks mostly pulled back on Friday.

  • Agnico-Eagle Mines (AEM) fell 3%.
  • Barrick Gold (ABX) slipped 0.1%.
  • Eldorado Gold (EGO) dropped 2%.
  • Goldcorp (GG) sank 1.8%.
  • Kinross Gold (KGC) moved down 1.1%.
  • Newmont Mining (NEM) declined 1%.
  • NovaGold Resources (NG) gained 2.2%.
  • Yamana Gold (AUY) slid 2%.

Silver mining shares mostly retreated during the day.

  • Coeur d’Alene Mines (CDE) fell 1.9%.
  • Hecla Mining (HL) dipped 0.5%.
  • Pan American Silver (PAAS) added 0.5%.
  • Silver Wheaton (SLW) dropped 1.5%.
  • Silver Standard Resources (SSRI) moved up 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/2013/11/gold-posts-weekly-gain-renewed-stimulus-confidence/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.