Gold Stocks Pulling Back Along With Price Of Metal

New York (Dec 31) After initially moving to the upside, gold stocks have shown a notable downturn over the course of the trading session on Friday. The NYSE Arca Gold Bugs Index has slumped by 3.1% after reaching its best intraday level in well over a month.

The pullback by gold stocks comes amid a decrease by the price of the precious metal, with gold for February.

Spot gold closed the last trading day of the year at $1,152, down $8 on the day, while spot silver plummetednearly 2% to $15.93. However, spot plalladium surged $7 to $682.