Gold Posts 2.5% Weekly Drop

by Christopher Freeburn | December 20, 2013 4:25 pm

PreciousMetalsRecap Gold Posts 2.5% Weekly Drop[1]Gold climbed modestly in Friday trading, recovering somewhat from yesterday’s steep loss. Gold remains on course to post its largest yearly decline since 1981. Despite the day’s slight recovery, the metal finished the week down by 2.5%.

Gold futures for February delivery rose 0.8% to $1,203.70 per ounce on Friday, according to CME Group[2]. Gold traded as high as $1,206.90 and as low as $1,188. Bullion closed in London at $1,204, according to BullionVault[3].

Silver futures for March delivery gained 1.4%, to $19.45 per ounce. Friday’s high for silver was $19.52, while the low was $19.13.

Metal funds advanced on Friday.

Mining ETFs moved improved during the day.

Gold stocks mostly gained on Friday.

Silver mining shares were mostly higher 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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