Gold Posts 2% Weekly Gain to Start the New Year

Silver also rose, but miners mostly declined


Gold Silver GLD IAU SLVGold 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.

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

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