by Christopher Freeburn | February 28, 2014 4:27 pm
Gold fell back in Friday trading as two reports suggested a stronger U.S. economy. The metal ended February with a gain of 6.6%.
The University of Michigan/Thomson Reuters index of consumer sentiment rose from a reading of 81.2 in January, to a reading of 81.6 in February. Additionally, the Chicago Business Barometer climbed to a reading of 59.8 in February, up slightly from 59.6 last month. That surprised economists who had expected a reading of 56.
Gold futures for April delivery dropped 0.8% to $1,321.60 per ounce on Friday, according to CME Group. Gold traded as high as $1,333.60 and as low as $1,319.30. Bullion closed in London at $1,328, according to BullionVault.
Silver futures for May delivery also fell 0.5% to $21.24 per ounce. Friday’s high for silver was $21.43, while the low was $21.11.
Metal funds moved lower on Friday.
Mining ETFs were mixed during the day.
Gold stocks mostly retreated on Friday.
Silver mining shares were mixed during the day.
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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