Gold Prices Post Weekly Loss of 3%

by Christopher Freeburn | March 28, 2014 4:41 pm

Gold Silver GLD IAU SLV[1]Gold edged lower in Friday trading as the metal continued to find itself pressured by better U.S. economic news. Gold prices ended the week down 3.1% and remained below $1,300 an ounce.

The Commerce Department said on Friday that consumer spending rose a seasonally-adjusted 0.3% in February. The government noted that personal income also increased 0.3%. The consumer spending gain matched economists’ forecasts, while the rise in personal income exceeded estimates.

Gold futures for June delivery slipped 50 cents to $1,294.30 per ounce on Friday, according to CME Group[2]. Gold prices were as high as $1,299.40 and as low as $1,286.10 Bullion closed in London at $1,295, according to BullionVault[3].

Silver futures for May delivery climbed 0.4% to settle at $19.79 per ounce. Friday’s high for silver was $19.92, while the low was $19.62.

Metal funds were mixed Friday.

Mining ETFs advanced during the day.

Gold stocks gained on Friday.

Silver mining shares mostly improved 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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