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Gold Posts Strong 6% Gain for August

The metal slipped back below $1,400 an ounce


Gold Silver GLD IAU SLVFading prospects of a U.S. military strike on Syria weakened gold’s safe-haven appeal, sending the metal lower in Friday trading. Still, gold closed out the month with a 6.3% gain.

Gold futures for December delivery dropped 1.2% to $1,396.10 per ounce on Friday, according to CME Group. Gold traded as high as $1,411.50 and as low as $1,391.80. Gold bullion closed in London at $1,398, according to BullionVault.

5 Reasons Gold Prices Will Rise
5 Reasons Gold Prices Will Rise

Silver futures for December delivery slid 2.6% to $23.51 per ounce. Friday’s high for silver was $24.07, while the low was $23.41.

Gold and silver funds sank in Friday trading.

  • The SPDR Gold Shares (GLD) fell 0.9%.
  • The iShares Gold Trust (IAU) slipped 1%.
  • The iShares Silver Trust (SLV) dropped 1.7%.

Gold and silver mining ETFs moved lower during the day.

  • The Market Vectors Gold Miners ETF (GDX) declined 1.5%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) slid 1.9%.
  • The Global X Silver Miners ETF (SIL) slumped 1.5%.

Gold mining shares declined on Friday.

  • Agnico-Eagle Mines (AEM) fell 1.4%.
  • Barrick Gold (ABX) sank 2.7%.
  • Eldorado Gold (EGO) slipped 1%.
  • Goldcorp (GG) decreased 1.4%.
  • Kinross Gold (KGC) dipped 0.2%.
  • Newmont Mining (NEM) also slid 0.2%.
  • NovaGold Resources (NG) moved down 0.4%.
  • Yamana Gold (AUY) pulled back 1.1%.

Silver mining shares retreated during the day.

  • Coeur d’Alene Mines (CDE) dipped 1.3%.
  • Hecla Mining (HL) sank 1.7%.
  • Pan American Silver (PAAS) fell 1.4%.
  • Silver Wheaton (SLW) declined 1.1%.
  • Silver Standard Resources (SSRI) tumbled 3%.

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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