by Christopher Freeburn | December 20, 2012 4:55 pm
Heavy end-of-year selling by hedge funds and signals of potential progress in U.S. budget talks sent gold tumbling in Thursday trading, falling below $1,650 an ounce for the first time in months.
Gold futures for February delivery dropped to $1,648 on Thursday, according to CME Group. Gold traded as high as $1,672.80 and as low as $1,636. Gold bullion closed in London at $1,651, according to BullionVault.
Silver futures for February delivery sank to $29.96 per ounce. Thursday’s high for silver was $31.15, while the low was $29.66.
Gold and silver funds sank in Thursday trading.
Gold and silver mining ETFs also moved down during the day.
Gold mining shares mostly declined, with Goldcorp (NYSE:GG) falling the most.
Silver mining shares mostly rose 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.
Source URL: http://investorplace.com/2012/12/gold-plunges-on-hedge-fund-selling-budget-deal-hopes/
Short URL: http://invstplc.com/1fETTc2
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.