Gold Cools on Cyprus, Gains for Week

by Christopher Freeburn | March 22, 2013 4:29 pm

Gold Silver GLD IAU SLV[1]Gold fell in Friday trading as lawmakers in Cyprus scrambled to a find ways to fund a European Union bailout package, reassuring investors that a deal would ultimately be negotiated. A series of bills are expected to be voted on tonight.

Investors took profits on the metal’s recent rise, but gold still posted a gain for the week.

Gold futures for April delivery slid 0.5% to $1,606.10 per ounce on Friday, according to CME Group[2]. Gold traded as high as $1,615.30 and as low as $1,602.60. Gold bullion closed in London at $1,610, according to BullionVault[3].

Silver futures for April delivery dropped 1.8% to $28.67 per ounce. Friday’s high for silver was $29.10, while the low was $28.54.

Gold and silver funds retreated in Friday trading.

Gold and silver mining ETFs mostly sank during the day.

Gold mining shares were mixed on Friday.

Silver mining shares mostly declined.

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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