Gold fell in Friday trading as lawmakers in Cyprus scrambled to a find ways to fund a European Union bailout package, reassuring investors that a deal would ultimately be negotiated. A series of bills are expected to be voted on tonight.
Investors took profits on the metal’s recent rise, but gold still posted a gain for the week.
Gold futures for April delivery slid 0.5% to $1,606.10 per ounce on Friday, according to CME Group. Gold traded as high as $1,615.30 and as low as $1,602.60. Gold bullion closed in London at $1,610, according to BullionVault.
Silver futures for April delivery dropped 1.8% to $28.67 per ounce. Friday’s high for silver was $29.10, while the low was $28.54.
Gold and silver funds retreated in Friday trading.
- The SPDR Gold Trust (NYSE:) dipped 0.4%.
- The iShares Gold Trust (NYSE:) fell 0.5%.
- The iShares Silver Trust (NYSE:) declined 1.6%.
Gold and silver mining ETFs mostly sank during the day.
- The Market Vectors Gold Miners ETF (NYSE:) dropped 0.7%.
- The Market Vectors Junior Gold Miners ETF (NYSE:) also skidded 0.7%.
- The Global X Silver Miners ETF (NYSE:) edged up 0.2%.
Gold mining shares were mixed on Friday.
- Agnico-Eagle Mines (NYSE:) dipped 0.4%.
- Barrick Gold (NYSE:) slipped 0.8%.
- Eldorado Gold (NYSE:) rose 1.1%.
- Goldcorp (NYSE:) climbed 0.4%.
- Kinross Gold (NYSE:) inched up 0.3%.
- Newmont Mining (NYSE:) gained 0.4%.
- NovaGold Resources (AMEX:) sank 2.5%.
- Yamana Gold (NYSE:) increased 0.8%.
Silver mining shares mostly declined.
- Coeur d’Alene Mines (NYSE:) slumped 1.6%.
- Hecla Mining (NYSE:) dropped 2.9%.
- Pan American Silver (NASDAQ:) sank 1.7%.
- Silver Wheaton (NYSE:) rose 0.8%.
- Silver Standard Resources (NASDAQ:) fell 1.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of contributed to this report.
