Gold Posts Weekly Drop of More Than 3%

Gold edged fractionally higher in Friday trading, snapping two straight sessions of sharp declines. Still, the precious metal closed out the week down 3.4%, its worst weekly showing since September.

Gold Silver GLD IAU SLVGold futures for December delivery climbed 50 cents to $1,244.10 per ounce on Friday, according to CME Group. Gold traded as high as $1,248.30 and as low as $1,240.30. Bullion closed in London at $1,244, according to BullionVault.

Silver futures for December slipped 0.4% to $19.86 per ounce. Friday’s high for silver was $20.05, while the low was $19.82.

Metal funds were mostly lower on Friday.

  • The SPDR Gold Shares (GLD) were flat.
  • The iShares Gold Trust (IAU) was unchanged.
  • The iShares Silver Trust (SLV) sank 0.6%.

Mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (GDX) fell 1.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) dropped 1.9%.
  • The Global X Silver Miners ETF (SIL) declined 0.8%.

Gold stocks mostly pulled back on Friday.

  • Agnico-Eagle Mines (AEM) slid 1%.
  • Barrick Gold (ABX) dropped 2.8%.
  • Eldorado Gold (EGO) fell 1.9%.
  • Goldcorp (GG) waned 0.8%.
  • Kinross Gold (KGC) rose 0.2%.
  • Newmont Mining (NEM) slipped 0.5%.
  • NovaGold Resources (NG) tumbled 3.1%.
  • Yamana Gold (AUY) declined 0.7%.

Silver mining shares mostly sank during the day.

  • Coeur d’Alene Mines (CDE) dipped 0.4%.
  • Hecla Mining (HL) slid 0.5%.
  • Pan American Silver (PAAS) edged down 0.1%.
  • Silver Wheaton (SLW) fell 0.7%.
  • Silver Standard Resources (SSRI) surged 3.9%.

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.

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