Gold Posts Weekly Gain on Renewed Stimulus Confidence
by Christopher Freeburn | November 15, 2013 4:23 pm
[1]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[2]. 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[3].
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[4]) was flat.
- The iShares Gold Trust (IAU[5]) was also flat.
- The iShares Silver Trust (SLV[6]) sank 0.3%.
Mining ETFs mostly retreated during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) slid 1.7%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) fell 1.1%.
- The Global X Silver Miners ETF (SIL[9]) added 0.2%.
Gold stocks mostly pulled back on Friday.
- Agnico-Eagle Mines (AEM[10]) fell 3%.
- Barrick Gold (ABX[11]) slipped 0.1%.
- Eldorado Gold (EGO[12]) dropped 2%.
- Goldcorp (GG[13]) sank 1.8%.
- Kinross Gold (KGC[14]) moved down 1.1%.
- Newmont Mining (NEM[15]) declined 1%.
- NovaGold Resources (NG[16]) gained 2.2%.
- Yamana Gold (AUY[17]) slid 2%.
Silver mining shares mostly retreated during the day.
- Coeur d’Alene Mines (CDE[18]) fell 1.9%.
- Hecla Mining (HL[19]) dipped 0.5%.
- Pan American Silver (PAAS[20]) added 0.5%.
- Silver Wheaton (SLW[21]) dropped 1.5%.
- Silver Standard Resources (SSRI[22]) 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[23] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/11/gold-posts-weekly-gain-renewed-stimulus-confidence/