by Christopher Freeburn | January 31, 2013 4:55 pm
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. 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.
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.
Gold and silver mining ETFs also pulled back during the day.
Gold mining shares broadly moved lower Thursday.
Silver mining shares also retreated.
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.
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