Gold Recovers on Weaker U.S. Economic Data
by Christopher Freeburn | November 14, 2012 5:11 pm
[1]Gold rose as investors mulled weaker-than-expected U.S. retail sales in October[2], 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[3]. 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[4].
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[5]) rose 0.2%.
- The iShares Gold Trust (NYSE:IAU[6]) also unchanged.
- The iShares Silver Trust (NYSE:SLV[7]) rose 0.8%.
Gold and silver mining ETFs retreated during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) slid 4.6%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) declined 5%.
- The Global X Silver Miners ETF (NYSE:SIL[10]) declined 4.9%.
Gold mining shares moved lower on Wedesday, with NovaGold Resources (NYSE:NG[11]) falling the most.
- Agnico-Eagle Mines (NYSE:AEM[12]) moved down 1.4%.
- Barrick Gold (NYSE:ABX[13]) dropped 3.9%.
- Eldorado Gold (NYSE:EGO[14]) fell 2%.
- Goldcorp (NYSE:GG[15]) declined 3.8%.
- Kinross Gold (NYSE:KGC[16]) sank 4.4%.
- Newmont Mining (NYSE:NEM[17]) moved down 3%.
- NovaGold Resources plunged 7.3%.
- Yamana Gold (NYSE:AUY[18]) slid 4.1%.
Silver mining shares retreated on Wednesday.
- Coeur d’Alene Mines (NYSE:CDE[19]) fell 2.7%.
- Hecla Mining (NYSE:HL[20]) dropped 4.7%.
- Pan American Silver (NASDAQ:PAAS[21]) sank 5.1%.
- Silver Wheaton (NYSE:SLW[22]) plunged 6.7%.
- Silver Standard Resources (NASDAQ:SSRI[23]) 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[24] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- U.S. retail sales in October: https://investorplace.com/2012/11/blame-sandy-for-sagging-retail-sales/
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2012/11/gold-recovers-on-weaker-u-s-economic-data/