Gold Posts Largest Weekly Gain in Three Months
by Christopher Freeburn | April 26, 2013 4:29 pm
[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.
- The SPDR Gold Trust (NYSE:GLD[4]) dipped 0.5%.
- The iShares Gold Trust (NYSE:IAU[5]) declined 0.4%.
- The iShares Silver Trust (NYSE:SLV[6]) slid 1.6%.
Gold and silver mining ETFs moved down during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) dropped 3.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) fell 2.7%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) sank 3.6%.
Gold mining shares skidded on Friday.
- Agnico-Eagle Mines (NYSE:AEM[10]) tumbled 6%.
- Barrick Gold (NYSE:ABX[11]) slid 2.7%.
- Eldorado Gold (NYSE:EGO[12]) fell 3.3%.
- Goldcorp (NYSE:GG[13]) sank 3.6%.
- Kinross Gold (NYSE:KGC[14]) dropped 3.2%.
- Newmont Mining (NYSE:NEM[15]) declined 2.5%
- NovaGold Resources (AMEX:NG[16]) retreated 2.9%.
- Yamana Gold (NYSE:AUY[17]) slumped 3.1%.
Silver mining shares declined sharply.
- Coeur d’Alene Mines (NYSE:CDE[18]) sank 5.6%.
- Hecla Mining (NYSE:HL[19]) dropped 5.8%.
- Pan American Silver (NASDAQ:PAAS[20]) slid 2.8%.
- Silver Wheaton (NYSE:SLW[21]) fell 3.2%.
- Silver Standard Resources (NASDAQ:SSRI[22]) tumbled 4.3%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/04/gold-posts-largest-weekly-gain-in-three-months/