Gold Drops to Six-Week Low on Stronger U.S. Dollar

Gold Silver GLD IAU SLVGrowing uncertainty in Europe fueled a rise in the U.S. dollar, which sent gold futures tumbling to a six-week low on Friday.

Gold futures for December delivery fell to $1,724 on Friday, according to CME Group. Gold traded as high as $1,744.70 and as low as $1,716. Gold bullion closed in London at $1,726, according to BullionVault.

Silver futures for December delivery also closed down at $32.10 per ounce. Friday’s high for silver was $32.92, while the low was $31.95.

Gold and silver funds slid in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) dropped 1%.
  • The iShares Gold Trust (NYSE:IAU) also moved down 1%.
  • The iShares Silver Trust (NYSE:SLV) fell 2%.

Gold and silver mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) edged up 0.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) declined 1.2%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 0.4%.

Gold mining shares were also mixed on Friday, with NovaGold Resources (AMEX:NG) falling the most.

  • Agnico-Eagle Mines (NYSE:AEM) was flat.
  • Barrick Gold (NYSE:ABX) slid 0.4%.
  • Eldorado Gold (NYSE:EGO)  rose 1.1%.
  • Goldcorp (NYSE:GG) advanced 1.1%.
  • Kinross Gold (NYSE:KGC) dipped 0.2%.
  • Newmont Mining (NYSE:NEM) edged down 0.1%.
  • NovaGold Resources dropped 2%.
  • Yamana Gold (NYSE:AUY) gained 0.5%.

Silver mining shares were mixed in Friday trading.

  • Coeur d’Alene Mines (NYSE:CDE) declined 0.9%.
  • Hecla Mining (NYSE:HL) rose 0.3%.
  • Pan American Silver (NASDAQ:PAAS) fell 1%.
  • Silver Wheaton (NYSE:SLW) gained 0.2%.
  • Silver Standard Resources (NASDAQ:SSRI) moved up 1.8%.

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.

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