Gold Posts 2% Weekly Gain to Start the New Year

by Christopher Freeburn | January 3, 2014 4:28 pm

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

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[4]) rose 1.1%.
• The iShares Gold Trust (IAU[5]) added 1%.
• The iShares Silver Trust (SLV[6]) gained 1%.

Mining ETFs declined during the day.

• The Market Vectors Gold Miners ETF (GDX[7]) dropped 1%.
• The Market Vectors Junior Gold Miners ETF (GDXJ[8]) slipped 0.1%.
• The Global X Silver Miners ETF (SIL[9]) sank 0.2%.

Gold stocks mostly retreated on Friday.

• Agnico-Eagle Mines (AEM[10]) fell 1.7%.
• Barrick Gold (ABX[11]) slid 0.9%.
• Eldorado Gold (EGO[12]) sank 1.3%.
• Goldcorp (GG[13]) faded 1.4%.
• Kinross Gold (KGC[14]) rose 0.7%.
• Newmont Mining (NEM[15]) dipped 0.2%.
• NovaGold Resources (NG[16]) dropped 3.2%.
• Yamana Gold (AUY[17]) waned 1.5%.

Silver mining shares pulled back during the day.

• Coeur d’Alene Mines (CDE[18]) slipped 0.5%.
• Hecla Mining (HL[19]) dipped 0.3%.
• Pan American Silver (PAAS[20]) dropped 1%.
• Silver Wheaton (SLW[21]) sank 0.6%.
• Silver Standard Resources (SSRI[22]) slid 2.4%.

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-posts-2-weekly-gain/

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