Gold Drops to Six-Week Low on Stronger U.S. Dollar

Gold and silver futures fell, but mining stocks were mixed

   

PreciousMetalsRecap Gold Drops to Six Week Low on Stronger U.S. DollarGrowing uncertainty in Europe fueled a rise in the U.S. dollar, which sent gold futures tumbling to a six-week low on Friday.

Gold futures for December delivery fell to $1,724 on Friday, according to CME Group. Gold traded as high as $1,744.70 and as low as $1,716. Gold bullion closed in London at $1,726, according to BullionVault.

gold bars Gold Drops to Six Week Low on Stronger U.S. Dollar
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Silver futures for December delivery also closed down at $32.10 per ounce. Friday’s high for silver was $32.92, while the low was $31.95.

Gold and silver funds slid in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) dropped 1%.
  • The iShares Gold Trust (NYSE:IAU) also moved down 1%.
  • The iShares Silver Trust (NYSE:SLV) fell 2%.

Gold and silver mining ETFs were mixed during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) edged up 0.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) declined 1.2%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 0.4%.

Gold mining shares were also mixed on Friday, with NovaGold Resources (AMEX:NG) falling the most.

  • Agnico-Eagle Mines (NYSE:AEM) was flat.
  • Barrick Gold (NYSE:ABX) slid 0.4%.
  • Eldorado Gold (NYSE:EGO)  rose 1.1%.
  • Goldcorp (NYSE:GG) advanced 1.1%.
  • Kinross Gold (NYSE:KGC) dipped 0.2%.
  • Newmont Mining (NYSE:NEM) edged down 0.1%.
  • NovaGold Resources dropped 2%.
  • Yamana Gold (NYSE:AUY) gained 0.5%.

Silver mining shares were mixed in Friday trading.

  • Coeur d’Alene Mines (NYSE:CDE) declined 0.9%.
  • Hecla Mining (NYSE:HL) rose 0.3%.
  • Pan American Silver (NASDAQ:PAAS) fell 1%.
  • Silver Wheaton (NYSE:SLW) gained 0.2%.
  • Silver Standard Resources (NASDAQ:SSRI) moved up 1.8%.

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-to-six-week-low-on-stronger-u-s-dollar/.

©2014 InvestorPlace Media, LLC

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