Gold Posts Weekly Loss as U.S. Dollar Climbs

by Christopher Freeburn | May 10, 2013 4:45 pm

Gold Silver GLD IAU SLV[1]Gold tumbled in Friday trading under pressure from a resurgent U.S. dollar and posted its first weekly loss in three weeks, declining 1.9% for the five-day period.

The greenback, which rose to 100 yen for the first time since 2009 on Thursday, extended its gains against Japan’s currency, hitting 101.4 yen on Friday.

Shares of Kinross Gold (NYSE:KGC[2]) closed down 2% after the company reported first-quarter earnings of 15 cents a share, beating estimates, but falling short of the profit of 17 cents a share it posted during the same time last year. Hecla Mining (NYSE:HL[3]) shares fell 2.1% after the company reported a 16% dip in first-quarter sales.

Gold futures for June delivery dropped 2.2% to $1,436.60 per ounce on Friday, according to CME Group[4]. Gold traded as high as $1,461.20 and as low as $1,418.50. Gold bullion closed in London at $1,449, according to BullionVault[5].

Silver futures for June delivery slid 1.1% to $23.89 per ounce. Friday’s high for silver was $23.73, while the low was $23.16.

Gold and silver funds were mixed in Friday trading.

Gold and silver mining ETFs were also mixed during the day.

Gold mining shares mostly declined on Friday.

Silver mining shares were mixed.

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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