Gold Retreats, Silver Recovers as Dollar Gains

Miners mostly follow their metals' suit Thursday

   

Gold Retreats, Silver Recovers as Dollar Gains

PreciousMetalsRecap Gold Retreats, Silver Recovers as Dollar GainsGold retreated on Thursday as oil added to this week’s drop with another slight dip and the U.S. dollar rose relative to other currencies.

Gold futures for December delivery sank 1.5% to $1,770.20 on Thursday, according to CME Group. Gold traded as high as $1,774.90 and as low as $1,757.70. Gold bullion closed in London at $1,770, according to BullionVault.

gold bars Gold Retreats, Silver Recovers as Dollar Gains
Another Big Price Target for Gold? Yawn.

Silver futures headed the opposite way, closing up 0.9% at $34.68 per ounce. Thursday’s high for silver was $34.80, while the low was $34.12.

Gold and silver funds dipped in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) slipped 0.2%.
  • The iShares Gold Trust (NYSE:IAU) fell 0.1%.
  • The iShares Silver Trust (NYSE:SLV) moved lower 0.03%.

Gold and silver mining ETFs also moved lower.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) slipped 0.8%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 1.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 1%.

Gold mining shares dropped during the day, with Eldorado Gold (NYSE:EGO) falling hardest.

  • Agnico-Eagle Mines (NYSE:AEM) fell 1.3%
  • Barrick Gold (NYSE:ABX) declined 0.7%.
  • Eldorado Gold moved lower 1.8%.
  • Goldcorp (NYSE:GG) slipped 0.8%.
  • Kinross Gold (NYSE:KGC) fell 0.9%.
  • Newmont Mining (NYSE:NEM) inched lower 0.4%.
  • NovaGold Resources (NYSE:NG) dropped 1.6%.
  • Yamana Gold (NYSE:AUY) slipped 1.2%

Silver mining shares mostly gained in Thursday trading.

  • Coeur d’Alene Mines (NYSE:CDE) rose 0.3%.
  • Hecla Mining (NYSE:HL) jumped 2.1%.
  • Pan American Silver (NASDAQ:PAAS) increased 0.4%.
  • Silver Wheaton (NYSE:SLW) edged up 0.8%.
  • Silver Standard Resources (NASDAQ:SSRI) dipped 0.5%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.


Article printed from InvestorPlace Media, http://investorplace.com/2012/09/gold-retreats-silver-recovers-as-dollar-gains/.

©2014 InvestorPlace Media, LLC

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