Gold prices drifted fractionally lower in Friday trading. The metal remained below the $1,300 per ounce level, finishing the week down 1.2%.
During a session that saw mixed tepid movement for miners, NovaGold (NG) and Silver Standard Resources (SSRI) dropped sharply. NG stock closed down more than 5%. SSRI reported a wider quarterly loss on falling revenue, sending SSRI shares plummeting more than 10%.
Gold futures for June delivery shed 10 cents, dipping to $1,287.60 per ounce on Friday, according to CME Group. Gold prices were as high as $1,294.50 and as low as $1,285.50. Bullion closed in London at $1,290, according to BullionVault.
Silver futures for July delivery slipped almost 2 cents to $19.12 per ounce. Friday’s high for silver was $19.32, while the low was $19.05.
Here’s how metal-based funds and mining stocks fared on Friday:
Gold and Silver Funds
- The SPDR Gold Shares (GLD) edged down 0.1%.
- The iShares Gold Trust (IAU) was flat.
- The iShares Silver Trust (SLV) faded 0.1%.
Gold and Silver Mining ETFs
- The Market Vectors Gold Miners ETF (GDX) sank 0.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ) fell 0.7%.
- The Global X Silver Miners ETF (SIL) declined 0.7%.
Gold Miners
- Agnico Eagle Mines (AEM) climbed 0.4%.
- Barrick Gold Corporation (ABX) added 0.4%.
- Eldorado Gold (EGO) fell 0.5%.
- Goldcorp (GG) slipped 0.1%.
- Kinross Gold (KGC) gained 1.5%.
- Newmont Mining (NEM) inched up 0.1%.
- NG stock tumbled 5.7%.
- Yamana Gold (AUY) dipped 0.1%.
Silver Miners
- Coeur d’Alene Mines (CDE) fell 1%.
- Hecla Mining (HL) sank 0.3%.
- Pan American Silver (PAAS) gained 1.9%.
- Silver Wheaton (SLW) fell 0.5%.
- SSRI plunged 10.3%.
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.
