Gold Sinks on U.S. Dollar Rally

by Christopher Freeburn | November 1, 2013 4:38 pm

Gold Silver GLD IAU SLV[1]A strengthening U.S. dollar sent gold lower in Friday trading. The dollar advanced against the euro, pushing the metal to is weakest pricing since the middle of last month. Gold ended the week down 3%.

Gold futures for December delivery slid 0.8% to $1,323.70 per ounce on Friday, according to CME Group[2]. Gold traded as high as $1,327.30 and as low as $1,305.60. Bullion closed in London at $1,317, according to BullionVault[3].

Silver futures for December dipped 0.1% to $21.84 per ounce. Friday’s high for silver was $22, while the low was $21.71.

Metal funds sank in Friday trading.

Mining ETFs dropped during the day.

Gold stocks declined 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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