Low trading volumes ahead of Monday’s federal holiday in the U.S., combined with a wave of technical selling and a rising U.S. dollar, sent gold tumbling on Friday. The week ended with the metal’s largest loss in eight months.
Gold futures for March delivery tumbled 1.6% to $1,608.90 on Friday, according to CME Group. Gold traded as high as $1,634.80 and as low as $1,597.30. Gold bullion closed in London at $1,611, according to BullionVault.
Silver futures for March delivery dropped 1.7% to $29.85 per ounce. Friday’s high for silver was $30.46 an ounce, while the low was $29.66.
Gold and silver funds fell in Friday trading.
- The SPDR Gold Trust (NYSE:) declined 1.6%.
- The iShares Gold Trust (NYSE:) also dropped 1.6%.
- The iShares Silver Trust (NYSE:) sank 2.1%.
Gold and silver mining ETFs also moved down during the day.
- The Market Vectors Gold Miners ETF (NYSE:) tumbled 3.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) slid 2.8%.
- The Global X Silver Miners ETF (NYSE:) dove 3.2%.
Gold mining shares pulled back on Friday.
- Agnico-Eagle Mines (NYSE:) plunged 5.8%.
- Barrick Gold (NYSE:) fell 2.4%.
- Eldorado Gold (NYSE:) sank 5.8%.
- Goldcorp (NYSE:) dropped 2.5%.
- Kinross Gold (NYSE:) tumbled 4.1%.
- Newmont Mining (NYSE:) sank 2.9%.
- NovaGold Resources (AMEX:) declined 3.7%.
- Yamana Gold (NYSE:) retreated 3.5%.
Silver mining shares also retreated.
- Coeur d’Alene Mines (NYSE:) surged 2.5%.
- Hecla Mining (NYSE:) fell 3.1%.
- Pan American Silver (NASDAQ:) sank 3%.
- Silver Wheaton (NYSE:) slumped 3.5%.
- Silver Standard Resources (NASDAQ:) declined 3.3%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
