Gold Retreats on Stronger U.S. Dollar

Gold mining stocks decline Thursday, but silver miners climb


PreciousMetalsRecap Gold Retreats on Stronger U.S. DollarBetter-than-expected reports on U.S. first-time unemployment claims and manufacturing activity rallied the dollar, sending gold down slightly in Thursday trading.

Gold futures for December delivery slipped to $1,715.50 on Thursday, according to CME Group. Gold traded as high as $1,727.50 and as low as $1,715.10. Gold bullion closed in London at $1,718, according to BullionVault.

gold coins scoop 630 flickr 200x160 Gold Retreats on Stronger U.S. Dollar
15 Metals and Mining Stocks to Sell Now

Silver futures for December delivery also dipped, closing down at $32.25 per ounce. Thursday’s high for silver was $32.70, while the low was $32.90.

Gold and silver funds moved lower in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) slipped 0.5%.
  • The iShares Gold Trust (NYSE:IAU) also dipped 0.5%.
  • The iShares Silver Trust (NYSE:SLV) edged down 0.2%.

Gold and silver mining ETFs mostly declined during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) fell 1.7%
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 0.5%.
  • The Global X Silver Miners ETF (NYSE:SIL) increased 0.1%.

Gold mining shares mostly declined on Thursday, with Barrick Gold (NYSE:ABX) falling hard after reporting declining Q3 profits and more delays on its Pascua-Lama mine.

  • Agnico-Eagle Mines (NYSE:AEM) slid 0.3%.
  • Barrick Gold plunged 9.4%.
  • Eldorado Gold (NYSE:EGO) dipped 0.2%.
  • Goldcorp (NYSE:GG) rose 0.3%.
  • Kinross Gold (NYSE:KGC) retreated 0.9%
  • Newmont Mining (NYSE:NEM) declined 2.5%.
  • NovaGold Resources (AMEX:NG) edged down 0.2%.
  • Yamana Gold (NYSE:AUY) fell 0.6%.

Silver mining shares broadly climbed Thursday.

  • Coeur d’Alene Mines (NYSE:CDE) jumped 3%.
  • Hecla Mining (NYSE:HL) increased 0.8%.
  • Pan American Silver (NASDAQ:PAAS) gained 3%.
  • Silver Wheaton (NYSE:SLW) gained 1.6%.
  • Silver Standard Resources (NASDAQ:SSRI) rose 2.4%.

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.

Article printed from InvestorPlace Media,

©2015 InvestorPlace Media, LLC

Comments are currently unavailable. Please check back soon.