Gold Drops Again on Global Economic Fears

by Christopher Freeburn | October 9, 2012 4:58 pm

PreciousMetalsRecap Gold Drops Again on Global Economic Fears[1]A bleak forecast for worldwide economic growth from the International Monetary Fund[2] 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[3]. 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[4].

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.

Gold and silver mining ETFs moved lower for the day.

Gold mining shares retreated on Tuesday, with Goldcorp (NYSE:GG[11]) showing the biggest decline.

Silver mining shares closed down in Tuesday 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]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. economic growth from the International Monetary Fund: http://investorplace.com/2012/10/dire-warning-risk-of-global-recession-is-alarmingly-high/
  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. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  12. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  13. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  14. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  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

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