Global Economic Worries Send Gold Lower

Gold and silver futures sank and miners tumbled after them


Global Economic Worries Send Gold Lower

PreciousMetalsRecap Global Economic Worries Send Gold LowerGold dropped to its lowest level in a week on Thursday as investor concerns grew over a new recession in Europe, slackening demand for gold in China and the political wrangling over the U.S. fiscal cliff.

Gold futures for December delivery dropped to $1,714 on Thursday, according to CME Group. Gold traded as high as $1,727.90 and as low as $1,704.50. Gold bullion closed in London at $1,717, according to BullionVault.

Gold185 Global Economic Worries Send Gold Lower
2 to Buy, 2 to Sell in Precious Metals

Silver futures for December delivery dipped to $32.67 per ounce. Thursday’s high for silver was $32.78, while the low was $32.15.

Gold and silver funds moved down in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) slid 0.6%.
  • The iShares Gold Trust (NYSE:IAU) fell 0.6%.
  • The iShares Silver Trust (NYSE:SLV) edged lower 0.3%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) declined 2.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 4.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) dipped 2.1%.

Gold mining shares mostly fell on Thursday, but NovaGold Resources (NYSE:NG) broke the ranks and rose.

  • Agnico-Eagle Mines (NYSE:AEM) sank 5%.
  • Barrick Gold (NYSE:ABX) fell 2%.
  • Eldorado Gold (NYSE:EGO) slid 2.7%.
  • Goldcorp (NYSE:GG) dropped 3.3%.
  • Kinross Gold (NYSE:KGC) dipped 2.54%.
  • Newmont Mining (NYSE:NEM) inched down 0.6%.
  • NovaGold Resources gained 3.3%.
  • Yamana Gold (NYSE:AUY) slipped 3%.

Silver mining shares also fell on Thursday.

  • Coeur d’Alene Mines (NYSE:CDE) sank 2.1%.
  • Hecla Mining (NYSE:HL) declined 3.1%.
  • Pan American Silver (NASDAQ:PAAS) dipped 1.5%.
  • Silver Wheaton (NYSE:SLW) dropped 3.1%.
  • Silver Standard Resources (NASDAQ:SSRI) moved down 3.5%.

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.

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