China Stimulus Concerns Send Gold Lower

by Christopher Freeburn | October 15, 2012 5:27 pm

Gold Silver GLD IAU SLV[1]Better-than-expected data on inflation and growth[2] 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[3]. 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[4].

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.

Gold and silver mining ETFs moved down during the day.

Gold mining shares were mixed on Monday, with Eldorado Gold (NYSE:EGO[11]) rising highest.

Silver mining shares mostly rose in Monday trading.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[4] contributed to this report.

Endnotes:

  1. [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. data on inflation and growth: https://investorplace.com/2012/10/market-movers-u-s-retail-sales-jump-good-news-in-china/
  3. CME Group: http://www.cmegroup.com/
  4. BullionVault: http://www.bullionvault.com/
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  9. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  12. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  13. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  18. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  19. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  20. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  21. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  22. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  23. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI

Source URL: https://investorplace.com/2012/10/china-stimulus-concerns-send-gold-lower/