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Gold Posts Second Straight Monthly Decline

Gold and silver futures drop Friday; miners mostly follow suit


Gold Silver GLD IAU SLVRising worries over a lack of progress in negotiations to avert the U.S. fiscal cliff sent gold down about 1% on Friday, leading the metal to post its second consecutive monthly loss.

Gold futures for December delivery fell back to $1,710.90 on Friday, according to CME Group. Gold traded as high as $1,731.20 and as low as $1,709.40. Gold bullion closed in London at $1,717, according to BullionVault.

Gold Stock Could be a Great Pick to Finish Out the Year
Gold Stock Could be a Great Pick to Finish Out the Year

Silver futures for December delivery slid to $33.20 per ounce. Friday’s high for silver was $34.35, while the low was $33.14.

Gold and silver funds moved lower in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) fell 0.7%.
  • The iShares Gold Trust (NYSE:IAU) also dipped 0.7%.
  • The iShares Silver Trust (NYSE:SLV) declined 2.3%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) slid 1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) sank 1.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) slipped 0.6%.

Gold mining shares declined on Friday, with Kinross Gold (NYSE:KGC) falling the most.

  • Agnico-Eagle Mines (NYSE:AEM) moved down 1%.
  • Barrick Gold (NYSE:ABX) retreated 1.1%.
  • Eldorado Gold (NYSE:EGO) dipped 0.2%.
  • Goldcorp (NYSE:GG) fell 1.4%.
  • Kinross Gold sank 1.9%.
  • Newmont Mining (NYSE:NEM) edged up 0.1%.
  • NovaGold Resources (NYSE:NG) declined 1.6%.
  • Yamana Gold (NYSE:AUY) slid 1%.

Silver mining shares mostly retreated Friday.

  • Coeur d’Alene Mines (NYSE:CDE) rose 0.4%.
  • Hecla Mining (NYSE:HL) dipped 0.3%.
  • Pan American Silver (NASDAQ:PAAS) fell 0.7%.
  • Silver Wheaton (NYSE:SLW) sank 0.8%.
  • Silver Standard Resources (NASDAQ:SSRI) tumbled 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.

Article printed from InvestorPlace Media,

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