China Stimulus Concerns Send Gold Lower

Gold and silver futures dropped, while mining stocks were mixed

   

PreciousMetalsRecap China Stimulus Concerns Send Gold LowerBetter-than-expected data on inflation and growth in China cooled investor hopes for more stimulus measures by the Chinese government, and sent gold tumbling in Monday trading.

Gold futures for December delivery fell to $1,737.60 on Monday, according to CME Group. Gold traded as high as $1,755.50 and as low as $1,729.70. Gold bullion closed in London at $1,740.00, according to BullionVault.

14757090 gold ingot and coins 200x200 China Stimulus Concerns Send Gold Lower
4 Metals and Mining Stocks to Sell Now

Silver futures for December delivery also closed down at $32.74 per ounce. Monday’s high for silver was $3.47, while the low was $32.57.

Gold and silver funds fell in Monday trading.

  • The SPDR Gold Trust (NYSE:GLD) dropped 1.1%.
  • The iShares Gold Trust (NYSE:IAU) slid 1%.
  • The iShares Silver Trust (NYSE:SLV) tumbled 2.4%.

Gold and silver mining ETFs moved down during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was flat.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dipped 1.5%.
  • The Global X Silver Miners ETF (NYSE:SIL) edged lower 0.3%.

Gold mining shares were mixed on Monday, with Eldorado Gold (NYSE:EGO) rising highest.

  • Agnico-Eagle Mines (NYSE:AEM) moved down 0.6%
  • Barrick Gold (NYSE:ABX) declined 0.5%.
  • Eldorado Gold rose 1.4%.
  • Goldcorp (NYSE:GG) slipped 0.1%.
  • Kinross Gold (NYSE:KGC) increased 0.3%.
  • Newmont Mining (NYSE:NEM) fell 0.6%.
  • NovaGold Resources (NYSE:NG) also slipped 0.6%.
  • Yamana Gold (NYSE:AUY) climbed 1.3%.

Silver mining shares mostly rose in Monday trading.

  • Coeur d’Alene Mines (NYSE:CDE) edged higher 0.1%.
  • Hecla Mining (NYSE:HL) dipped 0.2%.
  • Pan American Silver (NASDAQ:PAAS) was unchanged.
  • Silver Wheaton (NYSE:SLW) rose 0.3%.
  • Silver Standard Resources (NASDAQ:SSRI) increased 0.8%.

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/2012/10/china-stimulus-concerns-send-gold-lower/.

©2014 InvestorPlace Media, LLC

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