Gold Posts 2% Weekly Gain to Start the New Year

Silver also rose, but miners mostly declined

   

Gold Posts 2% Weekly Gain to Start the New Year

PreciousMetalsRecap Gold Posts 2% Weekly Gain to Start the New YearGold advanced again on Friday, extending Thursday’s rally and closing out the week with a roughly 2% gain.

Gold futures for February delivery moved up 1.1% to $1,238.60 per ounce on Friday, according to CME Group. Gold traded as high as $1,239.60 and as low as $1,221.30. Bullion closed in London at $1,239, according to BullionVault.

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Gold Mining Stocks – IAG Stock, ABX Stock and More Move Higher

Silver futures for March delivery edged up 0.1%, to $20.21 per ounce. Friday’s high for silver was $20.33, while the low was $19.99.

Metal funds climbed on Friday.

  • The SPDR Gold Shares (GLD) rose 1.1%.
  • The iShares Gold Trust (IAU) added 1%.
  • The iShares Silver Trust (SLV) gained 1%.

Mining ETFs declined during the day.

  • The Market Vectors Gold Miners ETF (GDX) dropped 1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) slipped 0.1%.
  • The Global X Silver Miners ETF (SIL) sank 0.2%.

Gold stocks mostly retreated on Friday.

  • Agnico-Eagle Mines (AEM) fell 1.7%.
  • Barrick Gold (ABX) slid 0.9%.
  • Eldorado Gold (EGO) sank 1.3%.
  • Goldcorp (GG) faded 1.4%.
  • Kinross Gold (KGC) rose 0.7%.
  • Newmont Mining (NEM) dipped 0.2%.
  • NovaGold Resources (NG) dropped 3.2%.
  • Yamana Gold (AUY) waned 1.5%.

Silver mining shares pulled back during the day.

  • Coeur d’Alene Mines (CDE) slipped 0.5%.
  • Hecla Mining (HL) dipped 0.3%.
  • Pan American Silver (PAAS) dropped 1%.
  • Silver Wheaton (SLW) sank 0.6%.
  • Silver Standard Resources (SSRI) slid 2.4%.

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-posts-2-weekly-gain/.

©2014 InvestorPlace Media, LLC

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