Gold Rises on Bargain-Hunting, Ends Week 3% Lower
by Christopher Freeburn | March 21, 2014 4:34 pm
[1]Gold 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[2]. Gold traded as high as $1,343 and as low as $1,328. Bullion closed in London at $1,336, according to BullionVault[3].
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[4]) added 0.5%.
- The iShares Gold Trust (IAU[5]) rose 0.5%.
- The iShares Silver Trust (SLV[6]) dipped 0.1%.
Mining ETFs mostly improved during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) gained 0.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) slid 0.1%.
- The Global X Silver Miners ETF (SIL[9]) increased 0.3%.
Gold stocks mostly declined on Friday.
- Agnico-Eagle Mines (AEM[10]) dipped 0.2%.
- Barrick Gold (ABX[11]) edged down 0.1%.
- Eldorado Gold (EGO[12]) fell 1.4.
- Goldcorp (GG[13]) was flat.
- Kinross Gold (KGC[14]) rose 0.2%.
- Newmont Mining (NEM[15]) slipped 0.1%.
- NovaGold Resources (NG[16]) dropped 1.7%.
- Yamana Gold (AUY[17]) slid 1.7%.
Silver mining shares mostly faded during the day.
- Coeur d’Alene Mines (CDE[18]) fell 0.6%.
- Hecla Mining (HL[19]) gained 0.6%.
- Pan American Silver (PAAS[20]) dipped 0.3%.
- Silver Wheaton (SLW[21]) sank 0.4%.
- Silver Standard Resources (SSRI[22]) dropped 1.7%.
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.
Endnotes:
- [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-rises-bargain-hunting-ends-week-3-lower/