Gold Prices Post Weekly Loss of 3%
by Christopher Freeburn | March 28, 2014 4:41 pm
[1]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 futures for June delivery slipped 50 cents to $1,294.30 per ounce on Friday, according to CME Group[2]. 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[3].
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[4]) was unchanged.
- The iShares Gold Trust (IAU[5]) was flat.
- The iShares Silver Trust (SLV[6]) rose 0.3%.
Mining ETFs advanced during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) increased 1.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) climbed 0.5%.
- The Global X Silver Miners ETF (SIL[9]) gained 2%.
Gold stocks gained on Friday.
- Agnico-Eagle Mines (AEM[10]) added 2%.
- Barrick Gold (ABX[11]) rose 1.2%.
- Eldorado Gold (EGO[12]) increased 0.7%.
- Goldcorp (GG[13]) moved up 0.8%.
- Kinross Gold (KGC[14]) jumped 3.7%.
- Newmont Mining (NEM[15]) surged 4.3%.
- NovaGold Resources (NG[16]) advanced 3.3%.
- Yamana Gold (AUY[17]) rose 0.8%.
Silver mining shares mostly improved during the day.
- Coeur d’Alene Mines (CDE[18]) added 3.3%.
- Hecla Mining (HL[19]) fell 0.6%.
- Pan American Silver (PAAS[20]) rose 0.6%.
- Silver Wheaton (SLW[21]) increased 1.9%.
- Silver Standard Resources (SSRI[22]) 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[23] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- 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/2014/03/gold-posts-weekly-loss-3/