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Gold Posts 2.5% Weekly Drop

The metal pulled back above $1,200 per ounce


Gold Silver GLD IAU SLVGold climbed modestly in Friday trading, recovering somewhat from yesterday’s steep loss. Gold remains on course to post its largest yearly decline since 1981. Despite the day’s slight recovery, the metal finished the week down by 2.5%.

Gold futures for February delivery rose 0.8% to $1,203.70 per ounce on Friday, according to CME Group. Gold traded as high as $1,206.90 and as low as $1,188. Bullion closed in London at $1,204, according to BullionVault.

Gold Outlook 2014: Look Out Below!
Gold Outlook 2014: Look Out Below!

Silver futures for March delivery gained 1.4%, to $19.45 per ounce. Friday’s high for silver was $19.52, while the low was $19.13.

Metal funds advanced on Friday.

  • The SPDR Gold Shares (GLD) rose 1%.
  • The iShares Gold Trust (IAU) added 1%.
  • The iShares Silver Trust (SLV) moved up 0.7%.

Mining ETFs moved improved during the day.

  • The Market Vectors Gold Miners ETF (GDX) edged higher 0.1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) increased 1.1%.
  • The Global X Silver Miners ETF (SIL) climbed 0.3%.

Gold stocks mostly gained on Friday.

  • Agnico-Eagle Mines (AEM) rose 0.3%.
  • Barrick Gold (ABX) added 0.8%.
  • Eldorado Gold (EGO) advanced 0.6%.
  • Goldcorp (GG) climbed 0.7%.
  • Kinross Gold (KGC) dropped 3.4%.
  • Newmont Mining (NEM) sank 0.5%.
  • NovaGold Resources (NG) increased 1.8%.
  • Yamana Gold (AUY) edged up 0.1%.

Silver mining shares were mostly higher during the day.

  • Coeur d’Alene Mines (CDE) added 0.1%.
  • Hecla Mining (HL) jumped 2.1%.
  • Pan American Silver (PAAS) climbed 1.7%.
  • Silver Wheaton (SLW) was flat.
  • Silver Standard Resources (SSRI) fell 1.5%.

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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