Gold Sinks for Third Session on Better Economic News

by Christopher Freeburn | January 25, 2013 4:33 pm

Gold Silver GLD IAU SLV[1]Gold tumbled for a third straight session on news of solid U.S. home sales for last year and signs that Europe’s banking system has stablized. The metal posted its largest weekly loss in five weeks.

Gold futures for February delivery declined 0.8% to $1,656.60 on Friday, according to CME Group[2]. Gold traded as high as $1671.60 and as low as $1655. Gold bullion closed in London at $1,661, according to BullionVault[3].

Silver futures for February delivery fell 1.6% to $31.18 per ounce. Friday’s high for silver was $31.72 an ounce, while the low was $31.17.

Gold and silver funds fell in Friday trading.

Gold and silver mining ETFs retreated during the day.

Gold mining shares declined, with Eldorado Gold (NYSE:EGO[10]) falling the most.

Silver mining shares pulled bank 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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