Gold Retreats on Lower U.S. Unemployment

Mining stocks joined sliding gold and silver futures

   

PreciousMetalsRecap Gold Retreats on Lower U.S. UnemploymentGold backed away from Thursday’s 11-month high after the U.S. unemployment rate fell unexpectedly and oil prices continued to decline.

Gold futures for December delivery dropped to $1,780.80 on Friday, according to CME Group. Gold traded as high as $1,798.10 and as low as $1,774.50. Gold bullion closed in London at $1,785, according to BullionVault.

gold bars flickr 630 200x200 Gold Retreats on Lower U.S. Unemployment
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Silver futures for December delivery also slipped, closing down at $34.57 per ounce. Friday’s high for silver was $35.15, while the low was $34.32.

Gold and silver funds edged lower in Friday trading.

  • The SPDR Gold Trust (NYSE:GLD) fell 0.6%.
  • The iShares Gold Trust (NYSE:IAU) also slipped 0.6%.
  • The iShares Silver Trust (NYSE:SLV) dropped 1.4%.

Gold and silver mining ETFs posted losses for the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) slid 1.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) declined 1.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 0.7%.

Gold mining shares fell on Friday, with NovaGold Resources (AMEX:NG) and Yamana Gold (NYSE:AUY) dropping the hardest.

  • Agnico-Eagle Mines (NYSE:AEM) dipped 0.5%
  • Barrick Gold (NYSE:ABX) also slipped 0.5%.
  • Eldorado Gold (NYSE:EGO) fell 1.9%.
  • Goldcorp (NYSE:GG) edged down 0.1%.
  • Kinross Gold (NYSE:KGC) dropped 2.2%.
  • Newmont Mining (NYSE:NEM) moved lower 0.7%.
  • NovaGold Resources tumbled 3%.
  • Yamana Gold also fell 3%.

Silver mining shares closed down in Friday trading.

  • Coeur d’Alene Mines (NYSE:CDE) slid 1.2%.
  • Hecla Mining (NYSE:HL) fell 1.8%.
  • Pan American Silver (NASDAQ:PAAS) dipped 0.6%.
  • Silver Wheaton (NYSE:SLW) declined 1.7%.
  • Silver Standard Resources (NASDAQ:SSRI) lost 2.4%.

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-retreats-on-lower-u-s-unemployment/.

©2014 InvestorPlace Media, LLC

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