Gold Futures Hit Six-Week Low as Dollar Rises

by Christopher Freeburn | October 23, 2012 5:17 pm

PreciousMetalsRecap Gold Futures Hit Six Week Low as Dollar Rises[1]A 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[2]. 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[3].

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.

Gold and silver mining ETFs retreated during the day.

Gold mining shares fell back on Tuesday, with Yamana Gold (NYSE:AUY[10]) dropping the most.

Silver mining shares declined on Tuesday.

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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com
  3. BullionVault: http://www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  11. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  12. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

Source URL: http://investorplace.com/2012/10/gold-futures-hit-six-week-low-as-dollar-rises/
Short URL: http://invstplc.com/1nDiGBu