Gold Ends February Up Almost 7%
by Christopher Freeburn | February 28, 2014 4:27 pm
[1]Gold fell back in Friday trading as two reports suggested a stronger U.S. economy. The metal ended February with a gain of 6.6%.
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[2]) slipped 0.5%.
- The iShares Gold Trust (IAU[3]) fell 0.4%.
- The iShares Silver Trust (SLV[4]) dipped 0.5%.
Mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (GDX[5]) slid 0.4%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[6]) added 0.4%.
- The Global X Silver Miners ETF (SIL[7]) edged down 0.2%.
Gold stocks mostly retreated on Friday.
- Agnico-Eagle Mines (AEM[8]) fell 2.1%.
- Barrick Gold (ABX[9]) slid 1.6%.
- Eldorado Gold (EGO[10]) slipped 0.6%.
- Goldcorp (GG[11]) moved down 0.5%.
- Kinross Gold (KGC[12]) climbed 1%.
- Newmont Mining (NEM[13]) dropped 1.4%.
- NovaGold Resources (NG[14]) gained 2.8%.
- Yamana Gold (AUY[15]) faded 1.1%.
Silver mining shares were mixed during the day.
- Coeur d’Alene Mines (CDE[16]) rose 1.8%.
- Hecla Mining (HL[17]) slipped 0.6%.
- Pan American Silver (PAAS[18]) sank 0.7%.
- Silver Wheaton (SLW[19]) inched up 0.1%.
- Silver Standard Resources (SSRI[20]) fell 1.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[21] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2014/02/gold-ends-february-almost-7/