Gold Rises, Posts Weekly Gain

by Christopher Freeburn | August 16, 2013 4:23 pm

Gold Silver GLD IAU SLV[1]Continuing violence and political uncertainty in Egypt, combined with growing confidence that the U.S. Federal Reserve will begin tapering stimulus efforts in coming months, pushed equities down and gold up in Friday trading. The metal posted solid gains for the week.

Gold futures for December delivery climbed 0.7% to $1,371 per ounce on Friday, according to CME Group[2]. Gold traded as high as $1,375.40 and as low as $1,357. Gold bullion closed in London at $1,375, according to BullionVault[3].

Silver futures for December delivery gained 1.7% to $23.37 per ounce. Friday’s high for silver was $23.40, while the low was $22.85.

Gold and silver funds climbed modestly in Friday trading.

Gold and silver mining ETFs declined during the day.

Gold mining shares slumped on Friday.

Silver mining shares retreated during the day.

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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  23. BullionVault:

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