Gold Falls to a Seven-Week Low

by Christopher Freeburn | October 24, 2012 5:04 pm

Gold Falls to a Seven-Week Low

PreciousMetalsRecap Gold Falls to a Seven Week LowGold sank in Wednesday trading, moving to a seven-week low as the Federal Reserve signaled that it would continue to keep interest rates low and sending the U.S. dollar a two-week high.

Gold futures for December delivery dropped to $1,701.60 on Wednesday, according to CME Group[1]. Gold traded as high as $1,715.20 and as low as $1,698.90. Gold bullion closed in London at $1,705, according to BullionVault[2].

Silver futures for December delivery also fell, closing down at $31.62 per ounce. Wedneday’s high for silver was $32.06, while the low was $31.54.

Gold and silver funds moved lower in Wednesday trading.

Gold and silver mining ETFs retreated during the day.

Gold mining shares moved lower on Wednesday, with Goldcorp (NYSE:GG[9]) falling the hardest.

Silver mining shares sagged on Wednesday.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[22] contributed to this report.

Endnotes:
  1. CME Group: http://www.cmegroup.com
  2. BullionVault: http://www.bullionvault.com
  3. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  4. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  5. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  6. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  7. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  8. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  9. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  10. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  11. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  12. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  13. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  14. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  15. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  16. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  17. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  18. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  19. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  20. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  21. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  22. BullionVault: http://www.bullionvault.com/

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