by Christopher Freeburn | November 15, 2012 4:30 pm
Gold 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.
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) 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 contributed to this report.
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