Gold slipped slightly in Friday trading, extending yesterday’s losses. The metal declined 1.9% for the week, but closed out the month up 3.1%.
Newmont Mining (NEM) shares sank after the company predicted gold production of between 5 million and 5.3 million ounces for 2014. That disappointed analysts who had forecast gold production of 5.5 million ounces for the year. NEM shares dropped more than 10%.
Gold futures for April delivery slid 0.2% to $1,239.80 per ounce on Friday, according to CME Group. Gold traded as high as $1,254.80 and as low as $1,238.20. Bullion closed in London at $1,246, according to BullionVault.
Silver futures for March delivery dropped 1 cent, to $19.12 per ounce. Friday’s high for silver was $19.47, while the low was $19.07.
Metal funds were mixed on Friday.
- The SPDR Gold Shares (GLD) rose 0.2%.
- The iShares Gold Trust (IAU) edged up 0.1%.
- The iShares Silver Trust (SLV) sank 0.2%.
Mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF (GDX) was flat.
- The Market Vectors Junior Gold Miners ETF (GDXJ) fell 0.2%.
- The Global X Silver Miners ETF (SIL) dropped 0.7%.
Gold stocks were mixed on Friday.
- Agnico-Eagle Mines (AEM) climbed 1.4%.
- Barrick Gold (ABX) inched up 0.3%.
- Eldorado Gold (EGO) fell 0.6%.
- Goldcorp (GG) jumped 3.2%.
- Kinross Gold (KGC) sank 0.7%.
- Newmont Mining plunged 10.4%.
- NovaGold Resources (NG) moved down 2.4%.
- Yamana Gold (AUY) declined 2.2%.
Silver mining shares retreated during the day.
- Coeur d’Alene Mines (CDE) fell 1.9%.
- Hecla Mining (HL) sank 1.5%.
- Pan American Silver (PAAS) slid 1.6%.
- Silver Wheaton (SLW) edged down 0.3%.
- Silver Standard Resources (SSRI) dropped 1.4%.
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.