Data showing that the U.S. trade deficit fell to its lowest level in two years during December sent gold modestly lower in Friday trading. The precious metal posted a small weekly loss as investors contemplated signs of a stronger American economy and rising Chinese exports. The dollar rose against most major currencies.
Gold futures for March delivery sank about 0.3% to $1,666.20 on Friday, according to CME Group. Gold traded as high as $1,672.20 and as low as $1,665.20. Gold bullion closed in London at $1,671, according to BullionVault.
Silver futures for March delivery rose fractionally to $31.44 per ounce. Friday’s high for silver was $31.70 an ounce, while the low was $31.33.
Gold and silver funds retreated in Friday trading.
- The SPDR Gold Trust (NYSE:) edged down 0.2%.
- The iShares Gold Trust (NYSE:) also dipped 0.2%.
- The iShares Silver Trust (NYSE:) declined 0.1%.
Gold and silver mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF (NYSE:) slipped 0.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) fell 0.4%.
- The Global X Silver Miners ETF (NYSE:) sank 0.1%.
Gold mining shares mostly pulled back on Friday.
- Agnico-Eagle Mines (NYSE:) dropped 0.4%.
- Barrick Gold (NYSE:) was flat.
- Eldorado Gold (NYSE:) fell 1.2%.
- Goldcorp (NYSE:) dipped 0.1%.
- Kinross Gold (NYSE:) slid 1.5%.
- Newmont Mining (NYSE:) fell 0.7%.
- NovaGold Resources (AMEX:) was unchanged.
- Yamana Gold (NYSE:) declined 1.4%.
Silver mining shares were mixed.
- Coeur d’Alene Mines (NYSE:) rose 1.2%.
- Hecla Mining (NYSE:) was flat.
- Pan American Silver (NASDAQ:) rose 0.3%.
- Silver Wheaton (NYSE:) fell 0.8%.
- Silver Standard Resources (NASDAQ:) gained 0.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
