Post-Government Shutdown: Gold and Silver Log Weekly Gains
On Friday, gold (NYSEARCA:GLD) futures for December — the most active contract — fell $8.40 to close at $1,314.60 per ounce, while silver (NYSEARCA:SLV) futures edged 3 cents lower to finish at $21.93. Major exchanged-traded funds, like the SPDR Gold Trust and iShares Silver Trust, also finished the day relatively flat.
Gold and silver were quiet as the S&P 500 climbed higher to another all-time high, with the help of Google (NASDAQ:GOOG). Shares of the Internet giant surged nearly 14 percent after announcing its latest quarterly earnings.
However, gold and silver still made impressive gains this week after Congress agreed to reopen the government and suspend the debt ceiling. Earlier this week, the Senate approved a bill with a vote of 81-18 to end the partial shutdown through January 15, and suspend the debt ceiling through February 7. Shortly thereafter, the House of Representatives passed the bill with a vote of 285-144. The shutdown ranks as the third longest in American history.