Gold Declines for Fourth Consecutive Month
by Christopher Freeburn | January 31, 2013 4:55 pm
[1]Gold gave back Wednesday’s gains on Thursday, spurred in part after the Commerce Department announced that personal incomes in the U.S. rose 2.6% last month, easily beating the 0.8% gain forecast by economists, and suggesting a strengthening U.S. economy.
Gold futures for March delivery dropped almost 1.1% to $1,661.30 on Thursday, according to CME Group[2]. Gold traded as high as $1,680.50 and as low as $1,658.30. The move cemented a loss for January, making it the fourth consecutive month the metal has declined. Gold bullion closed in London at $1,666, according to BullionVault[3].
Silver futures for March delivery declined 2.6% to $31.35 per ounce. Thursday’s high for silver was $32.13 an ounce, while the low was $31.12.
Gold and silver funds declined in Thursday trading.
- The SPDR Gold Trust (NYSE:GLD[4]) fell 0.6%.
- The iShares Gold Trust (NYSE:IAU[5]) also declined 0.6%.
- The iShares Silver Trust (NYSE:SLV[6]) dropped 1.6%.
Gold and silver mining ETFs also pulled back during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) sank 0.8%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) moved down 1.2%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) slid 1%.
Gold mining shares broadly moved lower Thursday.
- Agnico-Eagle Mines (NYSE:AEM[10]) fell 1.8%.
- Barrick Gold (NYSE:ABX[11]) slipped 1.5%.
- Eldorado Gold (NYSE:EGO[12]) declined 1.7%.
- Goldcorp (NYSE:GG[13]) sank 1.8%.
- Kinross Gold (NYSE:KGC[14]) dropped 1.6%.
- Newmont Mining (NYSE:NEM[15]) dipped 0.3%.
- NovaGold Resources (AMEX:NG[16]) fell 0.9%.
- Yamana Gold (NYSE:AUY[17]) moved down 0.8%.
Silver mining shares also retreated.
- Coeur d’Alene Mines (NYSE:CDE[18]) declined 0.6%.
- Hecla Mining (NYSE:HL[19]) sank 0.8%.
- Pan American Silver (NASDAQ:PAAS[20]) slid 0.6%.
- Silver Wheaton (NYSE:SLW[21]) fell 0.4%.
- Silver Standard Resources (NASDAQ:SSRI[22]) dropped 1.1%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/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
- 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
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- 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/
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