Gold ended the week down about 1% as investors digested discouraging remarks from Federal Reserve Chairman Ben Bernanke on credit challenges facing a recoverying the U.S. housing market.
Gold futures for December delivery edged up to $1,714.7 on Friday, according to CME Group. Gold traded as high as $1,717.20 and as low as $1,705.60. Gold bullion closed in London at $1,716, according to BullionVault.
Silver futures for December delivery slipped to $32.37 per ounce. Friday’s high for silver was $32.68, while the low was $32.02.
Gold and silver funds moved lower in Friday trading.
- The SPDR Gold Trust (NYSE:) dipped 0.1%.
- The iShares Gold Trust (NYSE:) also slipped 0.1%.
- The iShares Silver Trust (NYSE:) dropped 1%.
Gold and silver mining ETFs improved during the day.
- The Market Vectors Gold Miners ETF (NYSE:) gained 1.1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) climbed 1.6%.
- The Global X Silver Miners ETF (NYSE:) rose 1.2%.
Gold mining shares gained on Friday, with NovaGold Resources (NYSE:
) rising highest.
- Agnico-Eagle Mines (NYSE:) increased 1%.
- Barrick Gold (NYSE:) climbed 1.4%.
- Eldorado Gold (NYSE:) edged up 0.1%.
- Goldcorp (NYSE:) fell 0.5%.
- Kinross Gold (NYSE:) gained 2%.
- Newmont Mining (NYSE:) moved up 1.3%.
- NovaGold Resources surged 3%.
- Yamana Gold (NYSE:) jumped 2%.
Silver mining shares also rose on Friday.
- Coeur d’Alene Mines (NYSE:) inched higher 0.1%.
- Hecla Mining (NYSE:) climbed 2.2%.
- Pan American Silver (NASDAQ:) increased 0.6%.
- Silver Wheaton (NYSE:) gained 2%.
- Silver Standard Resources (NASDAQ:) soared 3.7%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
