Gold Edges Higher as Equities Continue to Slide

Silver dropped and mining stocks mostly retreated

   

PreciousMetalsRecap Gold Edges Higher as Equities Continue to SlideGold extended yesterday’s gains, rising slightly in Friday trading. Gold benefitted from a selloff in major equities markets in Europe and the U.S., which deepened during the day. The metal ended the week with a gain of 1%.

Gold futures for February delivery inched up 0.2% to $1,264.30 per ounce on Friday, according to CME Group. Gold traded as high as $1,273.20 and as low as $1,256.80. Bullion closed in London at $1,270, according to BullionVault.

gold bars Gold Edges Higher as Equities Continue to Slide
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Silver futures for March delivery sank 1.2%, to $19.77 per ounce. Friday’s high for silver was $20.99, while the low was $19.72.

Metal funds were mixed on Friday.

  • The SPDR Gold Shares (GLD) added 0.4%.
  • The iShares Gold Trust (IAU) rose 0.5%.
  • The iShares Silver Trust (SLV) fell 0.4

Mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (GDX) dipped 0.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 2.3%.
  • The Global X Silver Miners ETF (SIL) slid 1.4%.

Gold stocks mostly retreated on Friday.

  • Agnico-Eagle Mines (AEM) rose 1%.
  • Barrick Gold (ABX) fell 1.5%.
  • Eldorado Gold (EGO) was flat.
  • Goldcorp (GG) inched up 0.1%.
  • Kinross Gold (KGC) slid 1.7%.
  • Newmont Mining (NEM) sank 1.1%.
  • NovaGold Resources (NG) moved down 1%.
  • Yamana Gold (AUY) faded 0.8%.

Silver mining shares pulled back during the day.

  • Coeur d’Alene Mines (CDE) slid 2.1%.
  • Hecla Mining (HL) dropped 2.7%.
  • Pan American Silver (PAAS) sank 1.8%.
  • Silver Wheaton (SLW) fell 2.1%.
  • Silver Standard Resources (SSRI) tumbled 3.2%.

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/2014/01/gold-edges-higher-equities-continue-slide/.

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