Gold Posts Fifth Consecutive Monthly Decline

Gold and silver futures slipped, while miners sank

   

Gold Posts Fifth Consecutive Monthly Decline

PreciousMetalsRecap Gold Posts Fifth Consecutive Monthly DeclineLower-than-expected first time unemployment claims coupled with slight fourth-quarter U.S. GDP growth sent gold tumbling in Thursday trading. Better economic signals weakened the metal’s safe-haven appeal as equities flirted with new records. The metal fell 5% during the month, marking its fifth straight monthly decline.

Gold futures for March delivery jumped 1.1% to $1,577.70 per ounce on Thursday, according to CME Group. Gold traded as high as $1,601.60 and as low as $1,575.1. Gold bullion closed in London at $1,583, according to BullionVault.

gold bars Gold Posts Fifth Consecutive Monthly Decline
Gold’s Rebound Is Likely to Fizzle

Silver futures for March delivery also more than 1.9% to $28.40 per ounce. Thursday’s high for silver was $29.14, while the low was $28.39.

Gold and silver funds dipped in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) slid 1%.
  • The iShares Gold Trust (NYSE:IAU) also fell 1%.
  • The iShares Silver Trust (NYSE:SLV) dropped 1.7%.

Gold and silver mining ETFs also retreated during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dropped 2.3%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) sank 3%.
  • The Global X Silver Miners ETF (NYSE:SIL) declined 1.9%.

Gold mining shares retreated on Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) fell 3.1%.
  • Barrick Gold (NYSE:ABX) dropped 2.2%.
  • Eldorado Gold (NYSE:EGO) tumbled 2.3%.
  • Goldcorp (NYSE:GG) declined 2.1%.
  • Kinross Gold (NYSE:KGC) slumped 3.4%.
  • Newmont Mining (NYSE:NEM) slipped 0.8%.
  • NovaGold Resources (AMEX:NG) sank 2%.
  • Yamana Gold (NYSE:AUY) moved down 2.3%.

Silver mining shares also declined.

  • Coeur d’Alene Mines (NYSE:CDE) dropped 1.9%.
  • Hecla Mining (NYSE:HL) fell 3.7%.
  • Pan American Silver (NASDAQ:PAAS) dipped 2.1%.
  • Silver Wheaton (NYSE:SLW) declined 2%.
  • Silver Standard Resources (NASDAQ:SSRI) plunged 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, http://investorplace.com/2013/02/gold-posts-fifth-consecutive-monthly-decline/.

©2014 InvestorPlace Media, LLC

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