Gold Retreats on Lower U.S. Unemployment

Mining stocks joined sliding gold and silver futures

   

Gold Retreats on Lower U.S. Unemployment

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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