Precious metals extended their losses Friday afternoon, trading near the low ends of the ranges they have occupied over the past five days.
COMEX gold futures, per the February contract, finished lower by $16.80, or 1.0%, at $1,712.70 per ounce. In doing so, the yellow metal posted weekly and monthly losses of 2.3% and 0.5%. Moreover, the decline in November marked gold’s second consecutive losing month. Nevertheless, on a year-to-date basis, the most actively-traded gold futures contract remains higher by 9.3%.
Silver struggled even moreso than gold today, as the COMEX March contract ended down by $1.05, or 3.1%, at $33.38 per ounce. With the sell-off, silver stretched its weekly loss to 2.5%.
COMEX gold futures, per the February contract, finished lower by $16.80, or 1.0%, at $1,712.70 per ounce. In doing so, the yellow metal posted weekly and monthly losses of 2.3% and 0.5%. Moreover, the decline in November marked gold’s second consecutive losing month. Nevertheless, on a year-to-date basis, the most actively-traded gold futures contract remains higher by 9.3%.
Silver struggled even moreso than gold today, as the COMEX March contract ended down by $1.05, or 3.1%, at $33.38 per ounce. With the sell-off, silver stretched its weekly loss to 2.5%.
In November, however, silver settled with a gain of 3.3% and has now advanced in four of the past five months. Its performance over the entire year has been even more impressive, as it remains up by 19.6% and is one of the top performing asset classes in 2012.
The weakness in precious metals, coupled with a modest decline in the broader equity markets, helped pressure shares of most gold and silver stocks. The Philadelphia Gold & Silver Index (XAU) fell by as much as 1.9% to 168.56 this afternoon while the S&P 500 Index dipped by 0.3% to 1,411.63.
(See rankings, price targets, upgrades and downgrades on every stock in the XAU at GoldAlert Pro – http://pro.goldalert.com)
Within the XAU, notable gold and silver stocks in the red this afternoon included Goldcorp (GG), Newmont Mining (NEM), and Silver Standard Resources (SSRI). Shares of GG dropped by 2.2% to $38.41, NEM by 1.0% to $46.58, and SSRI by 2.3% to $13.43.
As for the XAU, today’s sell-off extended its loss by 3.3% this week and by 10.5% in November. On a year-to-date basis, the gold and silver stock index is now down by 6.7%.
The weakness in precious metals, coupled with a modest decline in the broader equity markets, helped pressure shares of most gold and silver stocks. The Philadelphia Gold & Silver Index (XAU) fell by as much as 1.9% to 168.56 this afternoon while the S&P 500 Index dipped by 0.3% to 1,411.63.
(See rankings, price targets, upgrades and downgrades on every stock in the XAU at GoldAlert Pro – http://pro.goldalert.com)
Within the XAU, notable gold and silver stocks in the red this afternoon included Goldcorp (GG), Newmont Mining (NEM), and Silver Standard Resources (SSRI). Shares of GG dropped by 2.2% to $38.41, NEM by 1.0% to $46.58, and SSRI by 2.3% to $13.43.
As for the XAU, today’s sell-off extended its loss by 3.3% this week and by 10.5% in November. On a year-to-date basis, the gold and silver stock index is now down by 6.7%.
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