Gold Drops to Six-Week Low on Stronger U.S. Dollar
by Christopher Freeburn | October 19, 2012 5:01 pm
[1]Growing 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[2]. 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[3].
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[4]) dropped 1%.
- The iShares Gold Trust (NYSE:IAU[5]) also moved down 1%.
- The iShares Silver Trust (NYSE:SLV[6]) fell 2%.
Gold and silver mining ETFs were mixed during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) edged up 0.4%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) declined 1.2%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) dipped 0.4%.
Gold mining shares were also mixed on Friday, with NovaGold Resources (AMEX:NG[10]) falling the most.
- Agnico-Eagle Mines (NYSE:AEM[11]) was flat.
- Barrick Gold (NYSE:ABX[12]) slid 0.4%.
- Eldorado Gold (NYSE:EGO[13]) rose 1.1%.
- Goldcorp (NYSE:GG[14]) advanced 1.1%.
- Kinross Gold (NYSE:KGC[15]) dipped 0.2%.
- Newmont Mining (NYSE:NEM[16]) edged down 0.1%.
- NovaGold Resources dropped 2%.
- Yamana Gold (NYSE:AUY[17]) gained 0.5%.
Silver mining shares were mixed in Friday trading.
- Coeur d’Alene Mines (NYSE:CDE[18]) declined 0.9%.
- Hecla Mining (NYSE:HL[19]) rose 0.3%.
- Pan American Silver (NASDAQ:PAAS[20]) fell 1%.
- Silver Wheaton (NYSE:SLW[21]) gained 0.2%.
- Silver Standard Resources (NASDAQ:SSRI[22]) 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[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
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- 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
- 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
- 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/
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