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Gold Gains for Third Straight Week

Gold and silver slipped and miners were mixed


Gold Silver GLD IAU SLVA report showing U.S. consumer sentiment at a six-year high sent gold lower in Friday trading. But the metal still closed out the week with a 2.2% gain, its third consecutive weekly rise.

The University of Michigan/Thomson Reuters’s consumer sentiment index hit 85.1 in July, its highest reading since July 2007. That topped the reading of 84 anticipated by economists.

Gold Likely Will Turn South at This Crossroads
Gold Likely Will Turn South at This Crossroads

Gold futures for August delivery fell 0.6% to $1,321.50 per ounce on Friday, according to CME Group. Gold traded as high as $1,340.50 and as low as $1,311.90. Gold bullion closed in London at $1,335, according to BullionVault.

Silver futures for August delivery slid 1.9% to $19.76 per ounce. Friday’s high for silver was $20.24, while the low was $19.68.

Gold and silver funds were mixed in Friday trading.

  • The SPDR Gold Trust (GLD) inched up 0.1%.
  • The iShares Gold Trust (IAU) also rose 0.1%.
  • The iShares Silver Trust (SLV) dropped 0.9%.

Gold and silver mining ETFs mostly gained during the day.

  • The Market Vectors Gold Miners ETF (GDX) climbed 1.4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) added 0.3%.
  • The Global X Silver Miners ETF (SIL) dipped 0.1%.

Gold mining shares advanced on Friday.

  • Agnico-Eagle Mines (AEM) surged 3.1%.
  • Barrick Gold (ABX) increased 1.8%.
  • Eldorado Gold (EGO) added 2.7%.
  • Goldcorp (GG) moved up 2.1%.
  • Kinross Gold (KGC) gained 1.9%.
  • Newmont Mining (NEM) improved 1.5%.
  • NovaGold Resources (NG) climbed 1.8%.
  • Yamana Gold (AUY) rose 0.7%.

Silver mining shares were mixed during the day.

  • Coeur d’Alene Mines (CDE) fell 1.2%.
  • Hecla Mining (HL) gained 0.9%.
  • Pan American Silver (PAAS) slipped 0.5%.
  • Silver Wheaton (SLW) slumped 0.8%.
  • Silver Standard Resources (SSRI) added 0.8%.

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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