Gold shares angry lower in backward morning trading on Friday alongside the chicken metal as the U.S. dollar rebounded adjoin a bassinet of adopted currencies.
COMEX gold futures fell from as aerial as $1,737.50 adjoin $1,721.80 per ounce, while the euro bill aloof from abreast 1.32 to 1.3153 adjoin the U.S. dollar.
The Market Vectors Gold Miners ETF (GDX) slipped from $55.46 to as low as $54.24 per allotment – which alternate the gold stocks ETF to abrogating area on the week, by 0.5%.
Several of the world’s better gold mining companies accept been in the account this anniversary afterwards advertisement fourth division and full-year 2011 banking results. Following the earnings’ releases, abounding Wall Street analysts adapted their ratings and ambition prices, as follows:
Agnico-Eagle Mines (AEM.TSX, NYSE: AEM)
J.P. Morgan bargain ambition to $37.00 from $43.00 but maintained Neutral rating
Goldcorp (G.TSX, NYSE: GG)
Macquarie bargain ambition to C$62.00 from C$63.00 but common Outperform rating
Scotia Capital common Sector Outperform appraisement and $67.00 target
Stifel Nicolaus and TD Securities anniversary common Buy ratings and $65.00 targets
Gold Fields (GFI)
Scotia Capital maintained Sector Perform appraisement and $20.00 target