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Gold Prices Post Weekly Loss of 3%

Silver gained slightly, while miners mostly advanced


Gold Silver GLD IAU SLVGold edged lower in Friday trading as the metal continued to find itself pressured by better U.S. economic news. Gold prices ended the week down 3.1% and remained below $1,300 an ounce.

The Commerce Department said on Friday that consumer spending rose a seasonally-adjusted 0.3% in February. The government noted that personal income also increased 0.3%. The consumer spending gain matched economists’ forecasts, while the rise in personal income exceeded estimates.

Can Gold Prices Repeat Q1’s Heroic Move?
Can Gold Prices Repeat Q1’s Heroic Move?

Gold futures for June delivery slipped 50 cents to $1,294.30 per ounce on Friday, according to CME Group. Gold prices were as high as $1,299.40 and as low as $1,286.10 Bullion closed in London at $1,295, according to BullionVault.

Silver futures for May delivery climbed 0.4% to settle at $19.79 per ounce. Friday’s high for silver was $19.92, while the low was $19.62.

Metal funds were mixed Friday.

  • The SPDR Gold Shares (GLD) was unchanged.
  • The iShares Gold Trust (IAU) was flat.
  • The iShares Silver Trust (SLV) rose 0.3%.

Mining ETFs advanced during the day.

  • The Market Vectors Gold Miners ETF (GDX) increased 1.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) climbed 0.5%.
  • The Global X Silver Miners ETF (SIL) gained 2%.

Gold stocks gained on Friday.

  • Agnico-Eagle Mines (AEM) added 2%.
  • Barrick Gold (ABX) rose 1.2%.
  • Eldorado Gold (EGO) increased 0.7%.
  • Goldcorp (GG) moved up 0.8%.
  • Kinross Gold (KGC) jumped 3.7%.
  • Newmont Mining (NEM) surged 4.3%.
  • NovaGold Resources (NG) advanced 3.3%.
  • Yamana Gold (AUY) rose 0.8%.

Silver mining shares mostly improved during the day.

  • Coeur d’Alene Mines (CDE) added 3.3%.
  • Hecla Mining (HL) fell 0.6%.
  • Pan American Silver (PAAS) rose 0.6%.
  • Silver Wheaton (SLW) increased 1.9%.
  • Silver Standard Resources (SSRI) moved up 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.

Article printed from InvestorPlace Media,

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