Gold Posts Fourth Consecutive Weekly Loss

by Christopher Freeburn | April 19, 2013 4:33 pm

Gold Silver GLD IAU SLV[1]Signs of increased gold buying in Asia sent the metal modestly higher in Friday trading. However, two sessions of gains could not offset steep losses suffered on Monday, and gold futures closed out the week with a 7% loss, marking their fourth straight weekly decline.

Gold futures for May delivery inched up 0.2% to $1,395.30 per ounce on Friday, according to CME Group[2]. Gold traded as high as $1,424 and as low as $1,386.10. Gold bullion closed in London at $1,404, according to BullionVault[3].

Silver futures for May delivery fell 1.2% to $22.96 per ounce. Friday’s high for silver was $23.82, while the low was $22.87.

Gold and silver funds mostly increased in Friday trading.

Gold and silver mining ETFs moved higher during the day.

Gold mining shares increased on Friday.

Silver mining shares mostly advanced, too.

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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