Gold Prices Post Weekly Loss of 3%

Silver gained slightly, while miners mostly advanced

   

Gold Prices Post Weekly Loss of 3%

PreciousMetalsRecap Gold Prices Post Weekly Loss of 3%Gold 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.

gold bars Gold Prices Post Weekly Loss of 3%
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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, http://investorplace.com/2014/03/gold-posts-weekly-loss-3/.

©2014 InvestorPlace Media, LLC

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