Rising worries over a lack of progress in negotiations to avert the U.S. fiscal cliff sent gold down about 1% on Friday, leading the metal to post its second consecutive monthly loss.
Gold futures for December delivery fell back to $1,710.90 on Friday, according to CME Group. Gold traded as high as $1,731.20 and as low as $1,709.40. Gold bullion closed in London at $1,717, according to BullionVault.
Silver futures for December delivery slid to $33.20 per ounce. Friday’s high for silver was $34.35, while the low was $33.14.
Gold and silver funds moved lower in Friday trading.
- The SPDR Gold Trust (NYSE:) fell 0.7%.
- The iShares Gold Trust (NYSE:) also dipped 0.7%.
- The iShares Silver Trust (NYSE:) declined 2.3%.
Gold and silver mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:) slid 1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) sank 1.6%.
- The Global X Silver Miners ETF (NYSE:) slipped 0.6%.
Gold mining shares declined on Friday, with Kinross Gold (NYSE:)
falling the most.
- Agnico-Eagle Mines (NYSE:) moved down 1%.
- Barrick Gold (NYSE:) retreated 1.1%.
- Eldorado Gold (NYSE:) dipped 0.2%.
- Goldcorp (NYSE:) fell 1.4%.
- Kinross Gold sank 1.9%.
- Newmont Mining (NYSE:) edged up 0.1%.
- NovaGold Resources (NYSE:) declined 1.6%.
- Yamana Gold (NYSE:) slid 1%.
Silver mining shares mostly retreated Friday.
- Coeur d’Alene Mines (NYSE:) rose 0.4%.
- Hecla Mining (NYSE:) dipped 0.3%.
- Pan American Silver (NASDAQ:) fell 0.7%.
- Silver Wheaton (NYSE:) sank 0.8%.
- Silver Standard Resources (NASDAQ:) tumbled 1.8%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
