Gold Posts Largest Weekly Gain in Three Months

by Christopher Freeburn | April 26, 2013 4:29 pm

Gold Silver GLD IAU SLV[1]Gold 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[2]. 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[3].

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.

Gold and silver mining ETFs moved down during the day.

Gold mining shares skidded on Friday.

Silver mining shares declined sharply.

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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