Gold Recovers on Weaker U.S. Economic Data

Gold and silver futures gained, while miners sank


Gold Recovers on Weaker U.S. Economic Data

PreciousMetalsRecap Gold Recovers on Weaker U.S. Economic DataGold rose as investors mulled weaker-than-expected U.S. retail sales in October, rising violence around Syria and continued delays in implementing Greece’s latest bailout.

Gold futures for December delivery rose to $1,730.10 on Wednesday, according to CME Group. Gold traded as high as $1,733.30 and as low as $1,717.60. Gold bullion closed in London at $1,728, according to BullionVault.

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Silver futures for December delivery increased to $32.88 per ounce. Wednesday’s high for silver was $32.90, while the low was $32.37.

Gold and silver funds were mostly stationary in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.2%.
  • The iShares Gold Trust (NYSE:IAU) also unchanged.
  • The iShares Silver Trust (NYSE:SLV) rose 0.8%.

Gold and silver mining ETFs retreated during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) slid 4.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) declined 5%.
  • The Global X Silver Miners ETF (NYSE:SIL) declined 4.9%.

Gold mining shares moved lower on Wedesday, with NovaGold Resources (NYSE:NG) falling the most.

  • Agnico-Eagle Mines (NYSE:AEM) moved down 1.4%.
  • Barrick Gold (NYSE:ABX) dropped 3.9%.
  • Eldorado Gold (NYSE:EGO) fell 2%.
  • Goldcorp (NYSE:GG) declined 3.8%.
  • Kinross Gold (NYSE:KGC) sank 4.4%.
  • Newmont Mining (NYSE:NEM) moved down 3%.
  • NovaGold Resources plunged 7.3%.
  • Yamana Gold (NYSE:AUY) slid 4.1%.

Silver mining shares retreated on Wednesday.

  • Coeur d’Alene Mines (NYSE:CDE) fell 2.7%.
  • Hecla Mining (NYSE:HL) dropped 4.7%.
  • Pan American Silver (NASDAQ:PAAS) sank 5.1%.
  • Silver Wheaton (NYSE:SLW) plunged 6.7%.
  • Silver Standard Resources (NASDAQ:SSRI) moved down 6.7%.

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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