The University of Michigan/Thomson Reuters index of consumer sentiment rose from a reading of 81.2 in January, to a reading of 81.6 in February. Additionally, the Chicago Business Barometer climbed to a reading of 59.8 in February, up slightly from 59.6 last month. That surprised economists who had expected a reading of 56.
Gold futures for April delivery dropped 0.8% to $1,321.60 per ounce on Friday, according to CME Group. Gold traded as high as $1,333.60 and as low as $1,319.30. Bullion closed in London at $1,328, according to BullionVault.
Silver futures for May delivery also fell 0.5% to $21.24 per ounce. Friday’s high for silver was $21.43, while the low was $21.11.
Metal funds moved lower on Friday.
- The SPDR Gold Shares (GLD) slipped 0.5%.
- The iShares Gold Trust (IAU) fell 0.4%.
- The iShares Silver Trust (SLV) dipped 0.5%.
Mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (GDX) slid 0.4%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) added 0.4%.
- The Global X Silver Miners ETF (SIL) edged down 0.2%.
Gold stocks mostly retreated on Friday.
- Agnico-Eagle Mines (AEM) fell 2.1%.
- Barrick Gold (ABX) slid 1.6%.
- Eldorado Gold (EGO) slipped 0.6%.
- Goldcorp (GG) moved down 0.5%.
- Kinross Gold (KGC) climbed 1%.
- Newmont Mining (NEM) dropped 1.4%.
- NovaGold Resources (NG) gained 2.8%.
- Yamana Gold (AUY) faded 1.1%.
Silver mining shares were mixed during the day.
- Coeur d’Alene Mines (CDE) rose 1.8%.
- Hecla Mining (HL) slipped 0.6%.
- Pan American Silver (PAAS) sank 0.7%.
- Silver Wheaton (SLW) inched up 0.1%.
- Silver Standard Resources (SSRI) fell 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.