Gold Rises on Bargain-Hunting, Ends Week 3% Lower

Silver sank and mining stocks mostly faded

   

Gold Rises on Bargain-Hunting, Ends Week 3% Lower

PreciousMetalsRecap Gold Rises on Bargain Hunting, Ends Week 3% LowerGold rallied for a modest gain on Friday, snapping a four-session losing streak as investors took advantage of the metal’s recent declines. Despite the uptick, gold ended the week down 3.1%.

Gold futures for April climbed 0.4% to $1,336 per ounce on Friday, according to CME Group. Gold traded as high as $1,343 and as low as $1,328. Bullion closed in London at $1,336, according to BullionVault.

gold bars Gold Rises on Bargain Hunting, Ends Week 3% Lower
3 Breakout Gold Stocks to Buy

Silver futures for May delivery fell 0.6% to $20.31 per ounce. Friday’s high for silver was $20.59, while the low was $20.27.

Metal funds were mostly higher on Friday.

  • The SPDR Gold Shares (GLD) added 0.5%.
  • The iShares Gold Trust (IAU) rose 0.5%.
  • The iShares Silver Trust (SLV) dipped 0.1%.

Mining ETFs mostly improved during the day.

  • The Market Vectors Gold Miners ETF (GDX) gained 0.2%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) slid 0.1%.
  • The Global X Silver Miners ETF (SIL) increased 0.3%.

Gold stocks mostly declined on Friday.

  • Agnico-Eagle Mines (AEM) dipped 0.2%.
  • Barrick Gold (ABX) edged down 0.1%.
  • Eldorado Gold (EGO) fell 1.4.
  • Goldcorp (GG) was flat.
  • Kinross Gold (KGC) rose 0.2%.
  • Newmont Mining (NEM) slipped 0.1%.
  • NovaGold Resources (NG) dropped 1.7%.
  • Yamana Gold (AUY) slid 1.7%.

Silver mining shares mostly faded during the day.

  • Coeur d’Alene Mines (CDE) fell 0.6%.
  • Hecla Mining (HL) gained 0.6%.
  • Pan American Silver (PAAS) dipped 0.3%.
  • Silver Wheaton (SLW) sank 0.4%.
  • Silver Standard Resources (SSRI) dropped 1.7%.

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-rises-bargain-hunting-ends-week-3-lower/.

©2014 InvestorPlace Media, LLC

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