Gold was almost flat in Friday trading, finishing down 0.5% for the week for its third consecutive weekly decline. The fall came despite yesterday’s announcement of more economic stimulus from the Federal Reserve as investors contemplated a report showing slowing U.S. inflation and a stalemate in U.S. budget negotiations.
Gold futures for February delivery rose fractionally to $1,696.20 on Friday, according to CME Group. Gold traded as high as $1,701.90 and as low as $1,694. Gold bullion closed in London at $1,698, according to BullionVault.
Silver futures for February delivery fell fractionally to $32.30 per ounce. Friday’s high for silver was $32.74, while the low was $32.30.
Gold and silver funds declined in Friday trading.
- The SPDR Gold Trust (NYSE:) slipped 0.2%.
- The iShares Gold Trust (NYSE:) edged down 0.1%.
- The iShares Silver Trust (NYSE:) fell 1.1%.
Gold and silver mining ETFs climbed during the day.
- The Market Vectors Gold Miners ETF (NYSE:) rose 0.3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) gained 0.7%.
- The Global X Silver Miners ETF (NYSE:) also increased 0.8%.
Gold mining shares were mixed, with Eldorado Gold (NYSE:
) rising the most.
- Agnico-Eagle Mines (NYSE:) added 0.2%.
- Barrick Gold (NYSE:) slid 0.4%.
- Eldorado Gold gained 1%.
- Goldcorp (NYSE:) declined fell 0.4%.
- Kinross Gold (NYSE:) rose 0.4%.
- Newmont Mining (NYSE:) increased 0.3%.
- NovaGold Resources (NYSE:) advanced 0.9%.
- Yamana Gold (NYSE:) declined 0.6%.
Silver mining shares moved higher on Friday.
- Coeur d’Alene Mines (NYSE:) climbed 1.3%.
- Hecla Mining (NYSE:) surged 2.9%.
- Pan American Silver (NASDAQ:) edged up 0.1%.
- Silver Wheaton (NYSE:) rose 0.8%.
- Silver Standard Resources (NASDAQ:) climbed 2.6%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
