Gold Retreats on Stronger U.S. Dollar

by Christopher Freeburn | November 1, 2012 4:42 pm

Gold Retreats on Stronger U.S. Dollar

PreciousMetalsRecap Gold Retreats on Stronger U.S. Dollar[1]Better-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[2]. 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[3].

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.

Gold and silver mining ETFs mostly declined during the day.

Gold mining shares mostly declined on Thursday, with Barrick Gold (NYSE:ABX[10]) falling hard after reporting declining Q3 profits and more delays on its Pascua-Lama mine[11].

Silver mining shares broadly climbed 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. CME Group: http://www.cmegroup.com
  3. BullionVault: http://www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  11. reporting declining Q3 profits and more delays on its Pascua-Lama mine: http://www.reuters.com/article/2012/11/01/us-barrick-results-idUSBRE8A01FV20121101
  12. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  13. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  14. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  15. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  16. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  17. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  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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