Gold Drops Again on Global Economic Fears
by Christopher Freeburn | October 9, 2012 4:58 pm
[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.
- The SPDR Gold Trust (NYSE:GLD[5]) dropped 0.6%.
- The iShares Gold Trust (NYSE:IAU[6]) also declined 0.6%.
- The iShares Silver Trust (NYSE:SLV[7]) fell 0.5%.
Gold and silver mining ETFs moved lower for the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) was down 2.2%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) fell 2%.
- The Global X Silver Miners ETF (NYSE:SIL[10]) slid 2.4%.
Gold mining shares retreated on Tuesday, with Goldcorp (NYSE:GG[11]) showing the biggest decline.
- Agnico-Eagle Mines (NYSE:AEM[12]) closed down 2%
- Barrick Gold (NYSE:ABX[13]) fell 2.1%.
- Eldorado Gold (NYSE:EGO[14]) dropped 2.9%.
- Goldcorp tumbled 3.4%.
- Kinross Gold (NYSE:KGC[15]) slid 2.8%.
- Newmont Mining (NYSE:NEM[16]) slumped 2.3%.
- NovaGold Resources (AMEX:NG[17]) dropped 2.2%.
- Yamana Gold (NYSE:AUY[18]) declined 2.6%.
Silver mining shares closed down in Tuesday trading.
- Coeur d’Alene Mines (NYSE:CDE[19]) sank 1.1%.
- Hecla Mining (NYSE:HL[20]) fell 1.5%.
- Pan American Silver (NASDAQ:PAAS[21]) sagged 1.4%.
- Silver Wheaton (NYSE:SLW[22]) dropped 2.5%.
- Silver Standard Resources (NASDAQ:SSRI[23]) tumbled 4%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- economic growth from the International Monetary Fund: https://investorplace.com/2012/10/dire-warning-risk-of-global-recession-is-alarmingly-high/
- CME Group: http://www.cmegroup.com/
- BullionVault: http://www.bullionvault.com/
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
Source URL: https://investorplace.com/2012/10/gold-drops-again-on-global-economic-fears/