Gold fell sharply in Friday trading as investors cashed out profits from the post-Fed price surge. Despite the fall, the precious metal still closed out the week up 1.8%.
Gold futures for December delivery dropped 2.7% to $1,332.50 per ounce on Friday, according to . Gold traded as high as $1,368.40 and as low as $1,327.20. Gold bullion closed in London at $1,328, according to BullionVault.
Silver futures for December delivery slid 5.9%to $21.93 per ounce. Friday’s high for silver was $23.18, while the low was $21.78.
Gold and silver funds sank in Friday trading.
- The SPDR Gold Shares () fell 2.9%.
- The iShares Gold Trust () also dropped 2.9%.
- The iShares Silver Trust () tumbled 5.4%.
Gold and silver mining ETFs declined sharply during the day.
- The Market Vectors Gold Miners ETF () dropped 6.1%.
- The Market Vectors Junior Gold Miners ETF () plunged 9.1%.
- The Global X Silver Miners ETF () sank 6.4%.
Gold mining shares pulled back on Friday.
- Agnico-Eagle Mines () fell 6.6%.
- Barrick Gold () moved down 4.3%.
- Eldorado Gold () tumbled 9%.
- Goldcorp () dropped 5.5%.
- Kinross Gold () slid 6.5%.
- Newmont Mining () declined 5.7%.
- NovaGold Resources () plunged 8.9%.
- Yamana Gold () decreased 6.8%.
Silver mining shares retreated during the day.
- Coeur d’Alene Mines () dropped 7.4%.
- Hecla Mining () fell 6%.
- Pan American Silver () declined 5.8%.
- Silver Wheaton () sank 6.3%.
- Silver Standard Resources () dipped 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.
