Gold Futures Hit Six-Week Low as Dollar Rises

Precious metal ETFs and mining stocks followed suit

   

Gold Futures Hit Six-Week Low as Dollar Rises

PreciousMetalsRecap Gold Futures Hit Six Week Low as Dollar RisesA slew of lower-than-expected corporate earnings reports sent gold futures tumbling to a six-week low in Tuesday trading. In addition, the U.S. dollar rose, and worries over a slowing global economy intensified.

Gold futures for December delivery dropped to $1,709.40 on Tuesday, according to CME Group. Gold traded as high as $1,731.20 and as low as $1,705.10. Gold bullion closed in London at $1,710, according to BullionVault.

14757090 gold ingot and coins 200x200 Gold Futures Hit Six Week Low as Dollar Rises
4 Metals and Mining Stocks to Sell Now

Silver futures for December delivery were also lower, closing down at $31.79 per ounce. Tuesday’s high for silver was $32.50, while the low was $31.65.

Gold and silver funds moved lower in Tuesday trading.

  • The SPDR Gold Trust (NYSE:GLD) fell 1.3%.
  • The iShares Gold Trust (NYSE:IAU) declined 1.2%.
  • The iShares Silver Trust (NYSE:SLV) tumbled 2.3%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 2.8%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) also moved down 2.8%.
  • The Global X Silver Miners ETF (NYSE:SIL) fell 3.3%.

Gold mining shares fell back on Tuesday, with Yamana Gold (NYSE:AUY) dropping the most.

  • Agnico-Eagle Mines (NYSE:AEM) slid 1.9%.
  • Barrick Gold (NYSE:ABX) dipped 1%.
  • Eldorado Gold (NYSE:EGO)  fell 2.6%.
  • Goldcorp (NYSE:GG) declined 2.7%.
  • Kinross Gold (NYSE:KGC) tumbled 3.3%.
  • Newmont Mining (NYSE:NEM) dropped 3%.
  • NovaGold Resources (AMEX:NG) dipped 0.2%.
  • Yamana Gold slid 3.9%.

Silver mining shares declined on Tuesday.

  • Coeur d’Alene Mines (NYSE:CDE) dropped 4.6%.
  • Hecla Mining (NYSE:HL) retreated 2.7%.
  • Pan American Silver (NASDAQ:PAAS) declined 2.3%.
  • Silver Wheaton (NYSE:SLW) plunged 5.6%.
  • Silver Standard Resources (NASDAQ:SSRI) fell 2.6%.

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-futures-hit-six-week-low-as-dollar-rises/.

©2014 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.