Gold Edges Higher as Equities Continue to Slide

by Christopher Freeburn | January 24, 2014 4:22 pm

[1]Gold 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[2]. 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[3].

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[4]) added 0.4%.
• The iShares Gold Trust (IAU[5]) rose 0.5%.
• The iShares Silver Trust (SLV[6]) fell 0.4

Mining ETFs declined during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) dipped 0.2%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) dropped 2.3%.
• The Global X Silver Miners ETF (SIL[9]) slid 1.4%.

Gold stocks mostly retreated on Friday.

• Agnico-Eagle Mines (AEM[10]) rose 1%.
• Barrick Gold (ABX[11]) fell 1.5%.
• Eldorado Gold (EGO[12]) was flat.
• Goldcorp (GG[13]) inched up 0.1%.
• Kinross Gold (KGC[14]) slid 1.7%.
• Newmont Mining (NEM[15]) sank 1.1%.
• NovaGold Resources (NG[16]) moved down 1%.
• Yamana Gold (AUY[17]) faded 0.8%.

Silver mining shares pulled back during the day.

• Coeur d’Alene Mines (CDE[18]) slid 2.1%.
• Hecla Mining (HL[19]) dropped 2.7%.
• Pan American Silver (PAAS[20]) sank 1.8%.
• Silver Wheaton (SLW[21]) fell 2.1%.
• Silver Standard Resources (SSRI[22]) tumbled 3.2%.

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.

Source URL: https://investorplace.com/2014/01/gold-edges-higher-equities-continue-slide/

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