Gold Edges Higher Ahead Weaker U.S. Home Sales Data

Silver also moved up, while mining stocks were mixed

   

Gold Edges Higher Ahead Weaker U.S. Home Sales Data

Gold rose modestly in Friday trading, ending the week with a 0.4% gain. The metal settled in positive territory before the release of a report showing that U.S. home sales slowed last month.

PreciousMetalsRecap Gold Edges Higher Ahead Weaker U.S. Home Sales DataThe National Association of Realtors said that sales of existing U.S. homes fell 5.1% in January, sliding to a seasonally adjusted rate of 4.62 million units. That was below the annual rate of 4.68 million units that economists had forecast. The housing data pressured the U.S. dollar, which declined against other currencies.

gold bars e1293656309230 Gold Edges Higher Ahead Weaker U.S. Home Sales Data
Will Gold Become Worthless?

Gold futures for April delivery gained 0.5% to $1,323.690 per ounce on Friday, according to CME Group. Gold traded as high as $1,327.90 and as low as $1,315.90. Bullion closed in London at $1,326, according to BullionVault.

Silver futures for March delivery also rose 0.5% to $21.78 per ounce. Friday’s high for silver was $21.98, while the low was $21.58.

Metal funds trended lower on Friday.

  • The SPDR Gold Shares (GLD) was flat.
  • The iShares Gold Trust (IAU) was unchanged.
  • The iShares Silver Trust (SLV) slipped 0.1%.

Mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (GDX) fell 0.5%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) slid 0.5%.
  • The Global X Silver Miners ETF (SIL) rose 0.2%.

Gold stocks mostly retreated on Friday.

  • Agnico-Eagle Mines (AEM) added 0.3%.
  • Barrick Gold (ABX) slipped 0.1%.
  • Eldorado Gold (EGO) dropped 1.8%.
  • Goldcorp (GG) dipped 0.1%.
  • Kinross Gold (KGC) fell 0.8%.
  • Newmont Mining (NEM) tumbled 4.4%.
  • NovaGold Resources (NG) added 2.6%.
  • Yamana Gold (AUY) slid 0.7%.

Silver mining shares were mixed during the day.

  • Coeur d’Alene Mines (CDE) fell 0.7%.
  • Hecla Mining (HL) rose 0.3%.
  • Pan American Silver (PAAS) added 1.5%.
  • Silver Wheaton (SLW) sank 0.4%.
  • Silver Standard Resources (SSRI) added 0.5%.

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/2014/02/gold-edges-higher-ahead-weaker-u-s-home-sales/.

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