Gold Posts Weekly Loss as Budget Talks Continue

by Christopher Freeburn | December 28, 2012 9:40 pm

Gold Silver GLD IAU SLV[1]Uncertainty over last minute negotiations in Washington ahead of the rapidly approach U.S. fiscal cliff deadline sent gold down in Friday trading, erasing the previous sessions’ slight gains to finish with a small loss for the week.

Gold futures for February delivery fell 0.5% to $1,655.90 on Friday, according to CME Group[2]. Gold traded as high as $1,667 and as low as $1,654.10. Gold bullion closed in London at $1,658, according to BullionVault[3].

Silver futures for February delivery dipped 0.9% to $29.95 per ounce. Friday’s high for silver was $30.30, while the low was $29.94.

Gold and silver funds slid in Friday trading.

Gold and silver mining ETFs also retreated during the day.

Gold mining shares mostly sank, but NovaGold Resources (NYSE:NG[10]) bucked the trend with a small gain.

Silver mining shares mostly moved lower on Friday.

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.

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  23. BullionVault:

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