Gold Drops on Stronger Dollar, Europe Fears

Futures, mining stocks also retreat Thursday

   

Gold Drops on Stronger Dollar, Europe Fears

PreciousMetalsRecap Gold Drops on Stronger Dollar, Europe FearsA rising U.S. dollar and renewed concerns about European debt and stimulus plans sent Gold down in Thursday trading as Germany and France bickered over budgets ahead of a eurozone summit.

Gold futures for December delivery fell to $1,744 on Thursday, according to CME Group. Gold traded as high as $1,753.40 and as low as $1,739. Gold bullion closed in London at $1,744, according to BullionVault.

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Silver futures for December delivery also closed down at $32.68 per ounce. Thursday’s high for silver was $33.33, while the low was $32.75.

Gold and silver funds dropped in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) slid 0.4%.
  • The iShares Gold Trust (NYSE:IAU) also fell 0.4%
  • The iShares Silver Trust (NYSE:SLV) declined 1.2%.

Gold and silver mining ETFs moved lower during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 3%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) slipped 1.4%.
  • The Global X Silver Miners ETF (NYSE:SIL) moved down 1.9%.

Gold mining shares declined on Thursday, with Eldorado Gold (NYSE:EGO) falling the hardest.

  • Agnico-Eagle Mines (NYSE:AEM) edged lower 0.7%
  • Barrick Gold (NYSE:ABX) fell 2.6%.
  • Eldorado Gold dropped 4.3%.
  • Goldcorp (NYSE:GG) declined 3.3%.
  • Kinross Gold (NYSE:KGC) slid 3%.
  • Newmont Mining (NYSE:NEM) moved down 1.9%.
  • NovaGold Resources (AMEX:NG) tumbled 2.9%.
  • Yamana Gold (NYSE:AUY) dipped 2.6%.

Silver mining shares retreated in Thursday trading.

  • Coeur d’Alene Mines (NYSE:CDE) fell 2.5%.
  • Hecla Mining (NYSE:HL) dipped 2%.
  • Pan American Silver (NASDAQ:PAAS) slipped 1.9%.
  • Silver Wheaton (NYSE:SLW) declined 1.7%.
  • Silver Standard Resources (NASDAQ:SSRI) tumbled 3.4%.

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-on-stronger-dollar-europe-fears/.

©2014 InvestorPlace Media, LLC

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