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Gold Rises on U.S. Budget Standoff, Posts Weekly Loss

Gold Silver GLD IAU SLVGold rose in Friday trading as negotiations between the White House and Congressional Republicans over the U.S. budget appeared to be at a standstill, with Congress about to break for the holidays. Despite today’s gain, the metal still lost more than 2% for the week.

Gold futures for February delivery rose 0.9% to $1,660.10 on Friday, according to CME Group. Gold traded as high as $1,660.50-and as low as $1,636.30. Gold bullion closed in London at $1,659, according to BullionVault.

Silver futures for February delivery increased 1.8% to $30.18 per ounce. Friday’s high for silver was $30.26, while the low was $29.75.

Gold and silver funds advanced in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.4%.
  • The iShares Gold Trust (NYSE:IAU) also climbed 0.4%.
  • The iShares Silver Trust (NYSE:SLV) ticked up 0.1%.

Gold and silver mining ETFs also moved mostly higher during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) gained 0.2%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) added 0.5%.
  • The Global X Silver Miners ETF (NYSE:SIL) fell 0.8%.

Gold mining shares mostly gained, with NovaGold Resources (NYSE:NG) rising the highest.

  • Agnico-Eagle Mines (NYSE:AEM) increased 0.5%.
  • Barrick Gold (NYSE:ABX) fell 0.85%.
  • Eldorado Gold (NYSE:EGO) climbed 0.5%.
  • Goldcorp (NYSE:GG) slid 1.5%.
  • Kinross Gold (NYSE:KGC) dipped 0.1%.
  • Newmont Mining (NYSE:NEM)advanced 1.1%.
  • NovaGold Resources surged 4.2%.
  • Yamana Gold (NYSE:AUY) gained 1.7%.

Silver mining shares were mixed on Friday.

  • Coeur d’Alene Mines (NYSE:CDE) rose 0.6%.
  • Hecla Mining (NYSE:HL) inched up 0.5%.
  • Pan American Silver (NASDAQ:PAAS) increased 1.2%.
  • Silver Wheaton (NYSE:SLW) declined 1.1%
  • Silver Standard Resources (NASDAQ:SSRI) fell 1.4%.

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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