Gold Falls to a Seven-Week Low
by Christopher Freeburn | October 24, 2012 5:04 pm
Gold 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.
- The SPDR Gold Trust (NYSE:GLD[3]) dipped 0.3%.
- The iShares Gold Trust (NYSE:IAU[4]) slid 0.4%.
- The iShares Silver Trust (NYSE:SLV[5]) edged up 0.1%.
Gold and silver mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[6]) fell 1.8%
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[7]) slipped 0.9%.
- The Global X Silver Miners ETF (NYSE:SIL[8]) dropped 0.9%.
Gold mining shares moved lower on Wednesday, with Goldcorp (NYSE:GG[9]) falling the hardest.
- Agnico-Eagle Mines (NYSE:AEM[10]) moved down 1.8%.
- Barrick Gold (NYSE:ABX[11]) fell 1.1%.
- Eldorado Gold (NYSE:EGO[12]) retreated 2.1%.
- Goldcorp tumbled 3.5%.
- Kinross Gold (NYSE:KGC[13]) declined 2.2%
- Newmont Mining (NYSE:NEM[14]) dropped 2.3%.
- NovaGold Resources (NYSE:NG[15]) sagged 2.8%.
- Yamana Gold (NYSE:AUY[16]) dipped 1.9%.
Silver mining shares sagged on Wednesday.
- Coeur d’Alene Mines (NYSE:CDE[17]) edged down 0.1%.
- Hecla Mining (NYSE:HL[18]) fell 3.2%.
- Pan American Silver (NASDAQ:PAAS[19]) dropped 3.1%.
- Silver Wheaton (NYSE:SLW[20]) retreated 2.1%.
- Silver Standard Resources (NASDAQ:SSRI[21]) tumbled 2.7%.
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.
- 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
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- 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
- 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/
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