Gold Drops on Stronger Dollar, Europe Fears
by Christopher Freeburn | October 18, 2012 4:45 pm
[1]A 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[2]. 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[3].
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[4]) slid 0.4%.
- The iShares Gold Trust (NYSE:IAU[5]) also fell 0.4%
- The iShares Silver Trust (NYSE:SLV[6]) declined 1.2%.
Gold and silver mining ETFs moved lower during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) dropped 3%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) slipped 1.4%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) moved down 1.9%.
Gold mining shares declined on Thursday, with Eldorado Gold (NYSE:EGO[10]) falling the hardest.
- Agnico-Eagle Mines (NYSE:AEM[11]) edged lower 0.7%
- Barrick Gold (NYSE:ABX[12]) fell 2.6%.
- Eldorado Gold dropped 4.3%.
- Goldcorp (NYSE:GG[13]) declined 3.3%.
- Kinross Gold (NYSE:KGC[14]) slid 3%.
- Newmont Mining (NYSE:NEM[15]) moved down 1.9%.
- NovaGold Resources (AMEX:NG[16]) tumbled 2.9%.
- Yamana Gold (NYSE:AUY[17]) dipped 2.6%.
Silver mining shares retreated in Thursday trading.
- Coeur d’Alene Mines (NYSE:CDE[18]) fell 2.5%.
- Hecla Mining (NYSE:HL[19]) dipped 2%.
- Pan American Silver (NASDAQ:PAAS[20]) slipped 1.9%.
- Silver Wheaton (NYSE:SLW[21]) declined 1.7%.
- Silver Standard Resources (NASDAQ:SSRI[22]) tumbled 3.4%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- 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
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- 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
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2012/10/gold-drops-on-stronger-dollar-europe-fears/