This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Gold Little Changed in Final Session of Historic Week (Update 2)

Stocks in this article: GLDIAUSGOL

Updated from 1:01 p.m. ET with settlement prices

NEW YORK ( TheStreet) -- Gold prices settled little changed on Friday, an end to a week that saw the yellow metal's largest drop in 30 years.

Gold for June delivery at the COMEX division of the CME added $3.10 to close at $1,395.60 an ounce. The gold price traded as high as $1,424.70 and as low as $1,385.40 an ounce, while the spot price was ticking higher by $3.80, according to Kitco's gold index.

Gold had surged $25 in early morning trades, which marked the second session this week that the precious metal had jumped more than $20 an ounce, but was shedding those gains by midday.

That early boost to prices came as traders were short covering their positions on news the German parliament had approved a €10 billion bailout to keep Cypriot banks solvent. Momentum faded by midday.

Uncertainties about Cyprus have repeatedly affected gold prices. The news last month that the small island nation would levy a tax on all Cypriot savings accounts led many experts to believe that such a move would set a precedent for other financially troubled nations in the eurozone.

Gold failed to stage a meaningful rally on Cyprus uncertainties. On April 10, reports emerged that the European Commission was forcing the Cypriot government to liquidate $523 million of excess gold reserves. Analysts said this was one of the triggers for the selloff that hit gold on April 12 and April 15.

Volatile trading on Friday came during the final session of a week that began with COMEX gold losing $203.80, or 13% across two trading sessions.

Silver prices for May delivery closed down 29 cents to $22.96 an ounce, while the U.S. dollar index was increasing 0.19% to $82.71.

Gold mining stocks were mixed on Friday. Shares of Yamana Gold (AUY) were sliding 1.1%, while shares of AngloGold Ashanti (AU) were rising 2.6%.

Among volume leaders, Barrick Gold (ABX) was off 0.22%.

Gold ETF SPDR Gold Trust (GLD) was climbing 0.51% to $134.98 a share, while iShares Gold Trust (IAU) was up 0.59% to $13.57 a share.

-- Written by Joe Deaux in New York.

>Contact by Email.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,399.67 +19.26 0.12%
S&P 500 1,904.01 +17.25 0.91%
NASDAQ 4,316.0740 +57.6360 1.35%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs