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Gold Rises to Post Small Weekly Gain

Silver moved higher and miners mostly improved


Gold Silver GLD IAU SLVGold reversed course on Friday, rising modestly after tumbling in the previous session. The metal ended the week up 0.5%.

Gold futures for February added 0.8% to $1,234.60 per ounce on Friday, according to CME Group. Gold traded as high as $1,238.10 and as low as $1,219.50. Bullion closed in London at $1,240, according to BullionVault.

Gold Outlook 2014: Look Out Below!
Gold Outlook 2014: Look Out Below!

Silver futures for March delivery moved up 0.8%, to $19.60 per ounce. Friday’s high for silver was $19.74, while the low was $19.28.

Metal funds advanced on Friday.

  • The SPDR Gold Shares (GLD) rose 0.9%.
  • The iShares Gold Trust (IAU) increased 0.9%.
  • The iShares Silver Trust (SLV) climbed 0.8%.

Mining ETFs moved higher during the day.

  • The Market Vectors Gold Miners ETF (GDX) added 0.4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) gained 1.1%.
  • The Global X Silver Miners ETF (SIL) was flat.

Gold stocks mostly improved on Friday.

  • Agnico-Eagle Mines (AEM) rose 0.7%.
  • Barrick Gold (ABX) added 1.7%.
  • Eldorado Gold (EGO) gained 0.7%.
  • Goldcorp (GG) fell 0.3%.
  • Kinross Gold (KGC) sank 0.2%.
  • Newmont Mining (NEM) was flat.
  • NovaGold Resources (NG) surged 4.4%.
  • Yamana Gold (AUY) advanced 0.4%.

Silver mining shares mostly rose during the day.

  • Coeur d’Alene Mines (CDE) sank 0.4%.
  • Hecla Mining (HL) improved 0.7%.
  • Pan American Silver (PAAS) added 0.9%.
  • Silver Wheaton (SLW) gained 0.4%.
  • Silver Standard Resources (SSRI) climbed 3.6%.

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.

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