Gold Posts Fifth Consecutive Monthly Decline

by Christopher Freeburn | February 28, 2013 4:56 pm

Gold Silver GLD IAU SLV[1]Lower-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[2]. 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[3].

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.

Gold and silver mining ETFs also retreated during the day.

Gold mining shares retreated on Thursday.

Silver mining shares also declined.

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.

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  23. BullionVault:

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