Gold Cools on Bernanke Housing Remarks
by Christopher Freeburn | November 16, 2012 4:40 pm
[1]Gold ended the week down about 1% as investors digested discouraging remarks from Federal Reserve Chairman Ben Bernanke on credit challenges facing a recoverying the U.S. housing market.
Gold futures for December delivery edged up to $1,714.7 on Friday, according to CME Group[2]. Gold traded as high as $1,717.20 and as low as $1,705.60. Gold bullion closed in London at $1,716, according to BullionVault[3].
Silver futures for December delivery slipped to $32.37 per ounce. Friday’s high for silver was $32.68, while the low was $32.02.
Gold and silver funds moved lower in Friday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) dipped 0.1%.
- The iShares Gold Trust (NYSE:IAU[5]) also slipped 0.1%.
- The iShares Silver Trust (NYSE:SLV[6]) dropped 1%.
Gold and silver mining ETFs improved during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) gained 1.1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) climbed 1.6%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) rose 1.2%.
Gold mining shares gained on Friday, with NovaGold Resources (NYSE:NG[10]
) rising highest.
- Agnico-Eagle Mines (NYSE:AEhM[11]) increased 1%.
- Barrick Gold (NYSE:ABX[12]) climbed 1.4%.
- Eldorado Gold (NYSE:EGO[13]) edged up 0.1%.
- Goldcorp (NYSE:GG[14]) fell 0.5%.
- Kinross Gold (NYSE:KGC[15]) gained 2%.
- Newmont Mining (NYSE:NEM[16]) moved up 1.3%.
- NovaGold Resources surged 3%.
- Yamana Gold (NYSE:AUY[17]) jumped 2%.
Silver mining shares also rose on Friday.
- Coeur d’Alene Mines (NYSE:CDE[18]) inched higher 0.1%.
- Hecla Mining (NYSE:HL[19]) climbed 2.2%.
- Pan American Silver (NASDAQ:PAAS[20]) increased 0.6%.
- Silver Wheaton (NYSE:SLW[21]) gained 2%.
- Silver Standard Resources (NASDAQ:SSRI[22]) soared 3.7%.
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.
- [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
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AEhM: 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
- 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/2012/11/gold-cools-on-bernanke-housing-remarks/