Gold Falls to a Seven-Week Low

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

Gold Silver GLD IAU SLVGold 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.

  1. CME Group:
  2. BullionVault:
  3. GLD:
  4. IAU:
  5. SLV:
  6. GDX:
  7. GDXJ:
  8. SIL:
  9. GG:
  10. AEM:
  11. ABX:
  12. EGO:
  13. KGC:
  14. NEM:
  15. NG:
  16. AUY:
  17. CDE:
  18. HL:
  19. PAAS:
  20. SLW:
  21. SSRI:
  22. BullionVault:

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