Gold Drops Again on Global Economic Fears

Mining shares tumbled along with gold and silver futures

   

Gold Drops Again on Global Economic Fears

PreciousMetalsRecap Gold Drops Again on Global Economic FearsA bleak forecast for worldwide economic growth from the International Monetary Fund and worries over an increasingly sluggish China sent gold down for a third straight trading session.

Gold futures for December delivery dropped to $1,765 on Tuesday, according to CME Group. Gold traded as high as $1,781.60 and as low as $1,762. Gold bullion closed in London at $1,767, according to BullionVault.

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Silver futures for December delivery also slipped, closing down at $33.99 per ounce. Tuesday’s high for silver was $34.26, while the low was $33.57.

Gold and silver funds slipped in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) dropped 0.6%.
  • The iShares Gold Trust (NYSE:IAU) also declined 0.6%.
  • The iShares Silver Trust (NYSE:SLV) fell 0.5%.

Gold and silver mining ETFs moved lower for the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) was down 2.2%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) fell 2%.
  • The Global X Silver Miners ETF (NYSE:SIL) slid 2.4%.

Gold mining shares retreated on Tuesday, with Goldcorp (NYSE:GG) showing the biggest decline.

  • Agnico-Eagle Mines (NYSE:AEM) closed down 2%
  • Barrick Gold (NYSE:ABX) fell 2.1%.
  • Eldorado Gold (NYSE:EGO) dropped 2.9%.
  • Goldcorp tumbled 3.4%.
  • Kinross Gold (NYSE:KGC) slid 2.8%.
  • Newmont Mining (NYSE:NEM) slumped 2.3%.
  • NovaGold Resources (AMEX:NG) dropped 2.2%.
  • Yamana Gold (NYSE:AUY) declined 2.6%.

Silver mining shares closed down in Tuesday trading.

  • Coeur d’Alene Mines (NYSE:CDE) sank 1.1%.
  • Hecla Mining (NYSE:HL) fell 1.5%.
  • Pan American Silver (NASDAQ:PAAS) sagged 1.4%.
  • Silver Wheaton (NYSE:SLW) dropped 2.5%.
  • Silver Standard Resources (NASDAQ:SSRI) tumbled 4%.

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/gold-drops-again-on-global-economic-fears/.

©2014 InvestorPlace Media, LLC

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