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Gold Posts Largest Weekly Gain in Three Months

Gold and silver fell and miners tumbled


Gold Silver GLD IAU SLVGold slipped modestly in Friday trading, but still ended the week up 4%, the metal’s best weekly showing in three months. Gold rose early in the trading session after the government reported that the U.S. economy expanded at a slower rate than Wall Street had expected during the first quarter, but fell as profit-takers moved in.

Gold futures for May delivery declined 0.6% to $1,453.60 per ounce on Friday, according to CME Group. Gold traded as high as $1,483.90 and as low as $1,448. Gold bullion closed in London at $1,461, according to BullionVault.

Warning: Ignore the ‘Buy’ Signal in Gold
Warning: Ignore the ‘Buy’ Signal in Gold

Silver futures for May delivery sank 1.6% to $23.76 per ounce. Friday’s high for silver was $24.80, while the low was $23.59.

Gold and silver funds retreated in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) dipped 0.5%.
  • The iShares Gold Trust (NYSE:IAU) declined 0.4%.
  • The iShares Silver Trust (NYSE:SLV) slid 1.6%.

Gold and silver mining ETFs moved down during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 3.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 2.7%.
  • The Global X Silver Miners ETF (NYSE:SIL) sank 3.6%.

Gold mining shares skidded on Friday.

  • Agnico-Eagle Mines (NYSE:AEM) tumbled 6%.
  • Barrick Gold (NYSE:ABX) slid 2.7%.
  • Eldorado Gold (NYSE:EGO) fell 3.3%.
  • Goldcorp (NYSE:GG) sank 3.6%.
  • Kinross Gold (NYSE:KGC) dropped 3.2%.
  • Newmont Mining (NYSE:NEM) declined 2.5%
  • NovaGold Resources (AMEX:NG) retreated 2.9%.
  • Yamana Gold (NYSE:AUY) slumped 3.1%.

Silver mining shares declined sharply.

  • Coeur d’Alene Mines (NYSE:CDE) sank 5.6%.
  • Hecla Mining (NYSE:HL) dropped 5.8%.
  • Pan American Silver (NASDAQ:PAAS) slid 2.8%.
  • Silver Wheaton (NYSE:SLW) fell 3.2%.
  • Silver Standard Resources (NASDAQ:SSRI) tumbled 4.3%.

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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