Gold Retreats on Lower U.S. Unemployment

by Christopher Freeburn | October 5, 2012 4:56 pm

Gold Retreats on Lower U.S. Unemployment

PreciousMetalsRecap Gold Retreats on Lower U.S. Unemployment[1]Gold 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[2]. 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[3].

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.

Gold and silver mining ETFs posted losses for the day.

Gold mining shares fell on Friday, with NovaGold Resources (AMEX:NG[10]) and Yamana Gold (NYSE:AUY[11]) dropping the hardest.

Silver mining shares closed down in Friday trading.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[3] 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. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  11. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  12. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  13. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  14. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  15. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  16. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  17. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  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

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