by Christopher Freeburn | October 12, 2012 4:42 pm
Investor concern that positive U.S. economic data might cause the Federal Reserve to pull back from stimulus efforts caused gold to stumble in Friday trading, producing the metal’s biggest weekly drop since the end of June.
Gold futures for December delivery fell to $1,759.70 on Friday, according to CME Group. Gold traded as high as $1,775 and as low as $1,753.50. Gold bullion closed in London at $1,759, according to BullionVault.
Silver futures for December delivery also closed down at $33.67 per ounce. Friday’s high for silver was $34.17, while the low was $33.53.
Gold and silver funds dipped in Friday trading.
Gold and silver mining ETFs retreated during the day.
Gold mining shares closed down on Friday, with NovaGold Resources (NYSE:NG) falling the hardest.
Silver mining shares slipped in Friday trading.
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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