Gold Posts Weekly Loss on Lower U.S. Trade Deficit

by Christopher Freeburn | February 8, 2013 5:01 pm

Gold Silver GLD IAU SLV[1]Data showing that the U.S. trade deficit fell to its lowest level in two years during December sent gold modestly lower in Friday trading. The precious metal posted a small weekly loss as investors contemplated signs of a stronger American economy and rising Chinese exports. The dollar rose against most major currencies.

Gold futures for March delivery sank about 0.3% to $1,666.20 on Friday, according to CME Group[2]. Gold traded as high as $1,672.20 and as low as $1,665.20. Gold bullion closed in London at $1,671, according to BullionVault[3].

Silver futures for March delivery rose fractionally to $31.44 per ounce. Friday’s high for silver was $31.70 an ounce, while the low was $31.33.

Gold and silver funds retreated in Friday trading.

Gold and silver mining ETFs moved lower during the day.

Gold mining shares mostly pulled back on Friday.

Silver mining shares were mixed.

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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