Gold Posts 3% Gain for January

by Christopher Freeburn | January 31, 2014 4:42 pm

Gold Silver GLD IAU SLV[1]Gold slipped slightly in Friday trading, extending yesterday’s losses. The metal declined 1.9% for the week, but closed out the month up 3.1%.

Newmont Mining (NEM[2]) shares sank after the company predicted gold production of between 5 million and 5.3 million ounces for 2014. That disappointed analysts who had forecast gold production of 5.5 million ounces for the year. NEM shares dropped more than 10%.

Gold futures for April delivery slid 0.2% to $1,239.80 per ounce on Friday, according to CME Group[3]. Gold traded as high as $1,254.80 and as low as $1,238.20. Bullion closed in London at $1,246, according to BullionVault[4].

Silver futures for March delivery dropped 1 cent, to $19.12 per ounce. Friday’s high for silver was $19.47, while the low was $19.07.

Metal funds were mixed on Friday.

Mining ETFs moved lower during the day.

Gold stocks were mixed 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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