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Gold Climbs on Syria Tensions, Demand

However, Kinross and Hecla lead a broad miner retreat


Gold Silver GLD IAU SLVGold rose in Friday trading as equities markets declined. The metal received a boost from rising international tensions over the civil war in Syria and strong demand for gold bars and coins. Gold closed out the week with a small gain.

Gold futures for July delivery increased 0.7% to $1,387.60 per ounce on Friday, according to CME Group. Gold traded as high as $1,391.20 and as low as $1,378.80. Gold bullion closed in London at $1,392, according to BullionVault.

1 Stock to Buy, 1 Stock to Short: Mining
1 Stock to Buy, 1 Stock to Short: Mining

Silver futures for July delivery also improved 1.7% to $21.95 per ounce. Friday’s high for silver was $22.50 while the low was $21.62.

Gold and silver funds were moved higher in Friday trading.

  • The SPDR Gold Trust (GLD) gained 0.5%.
  • The iShares Gold Trust (IAU) also added 0.5%.
  • The iShares Silver Trust (SLV) rose 1.3%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (GDX) dropped 1.7%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) fell 1.1%.
  • The Global X Silver Miners ETF (SIL) declined 1.7%.

Gold mining shares declined Friday.

  • Agnico-Eagle Mines (AEM) tumbled 3%.
  • Barrick Gold (ABX) slid 1.5%.
  • Eldorado Gold (EGO) fell 2.3%.
  • Goldcorp (GG) sank 2.6%.
  • Kinross Gold (KGC) dropped 3%.
  • Newmont Mining (NEM) slipped 1.4%.
  • NovaGold Resources (NG) moved down 3.4%.
  • Yamana Gold (AUY) dipped 0.8%.

Silver mining shares also slumped during the day.

  • Coeur d’Alene Mines (CDE) slipped 0.5%.
  • Hecla Mining (HL) fell 3.3%.
  • Pan American Silver (PAAS) sank 1.2%.
  • Silver Wheaton (SLW) dipped 0.7%.
  • Silver Standard Resources (SSRI) tumbled 3.1%.

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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