Gold 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 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.