Gold Posts Weekly Gain on Renewed Stimulus Confidence

by Christopher Freeburn | November 15, 2013 4:23 pm

Gold Silver GLD IAU SLV[1]Gold inched higher in Friday trading, adding slightly to yesterday’s gains, as investors digested Fed Chair nominee Janet Yellen’s Senate testimony from Thursday. The metal closed out the week with a 0.2% increase, its first weekly rise in three weeks.

During a confirmation hearing yesterday, Yellen defended the Fed’s stimulus efforts and signaled that the U.S. economy was not yet strong enough for the central bank to begin tapering its monthly bond-buying.

Gold futures for December delivery rose 0.1% to $1,287.40 per ounce on Friday, according to CME Group[2]. Gold traded as high as $1,290.80 and as low as $1,279.60. Bullion closed in London at $1,290, according to BullionVault[3].

Silver futures for December were flat at $20.73 per ounce. Friday’s high for silver was $20.82, while the low was $20.55.

Metal funds were mostly lower in Friday trading.

Mining ETFs mostly retreated during the day.

Gold stocks mostly pulled back on Friday.

Silver mining shares mostly 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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