Global Economic Worries Send Gold Lower

by Christopher Freeburn | November 15, 2012 4:30 pm

Global Economic Worries Send Gold Lower

PreciousMetalsRecap Global Economic Worries Send Gold Lower[1]Gold dropped to its lowest level in a week on Thursday as investor concerns grew over a new recession in Europe[2], 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[3]. 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[4].

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.

Gold and silver mining ETFs retreated during the day.

Gold mining shares mostly fell on Thursday, but NovaGold Resources (NYSE:NG[11]) broke the ranks and rose.

Silver mining shares also fell on Thursday.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. a new recession in Europe: http://investorplace.com/2012/11/eurozone-slips-into-recession-again/
  3. CME Group: http://www.cmegroup.com
  4. BullionVault: http://www.bullionvault.com
  5. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  6. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  7. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  8. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  9. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  10. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  11. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  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. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  19. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  20. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  21. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  22. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  23. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  24. BullionVault: http://www.bullionvault.com/

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