Gold Retreats on Draghi Remarks

Gold and silver futures declined, miners were mixed

   

Gold Retreats on Draghi Remarks

PreciousMetalsRecap Gold Retreats on Draghi RemarksGold sank in Thursday trading after European Central Bank President Mario Draghi warned that the eurozone economy still faces significant risks. Draghi said he expects the European economy to recover by the end of this year, but his comments still sent the euro tumbling against the dollar.

Gold futures for March delivery dipped about 0.4% to $1,670.60 on Thursday, according to CME Group. Gold traded as high as $1,683.10 and as low as $1,663.10. Gold bullion closed in London at $1,674, according to BullionVault.

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Silver futures for March delivery dropped about 1.5% to $31.40 per ounce. Thursday’s high for silver was $31.94 an ounce, while the low was $31.30.

Gold and silver funds retreated in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) slipped 0.3%.
  • The iShares Gold Trust (NYSE:IAU) declined 0.4%.
  • The iShares Silver Trust (NYSE:SLV) dropped 1.1%.

Gold and silver mining ETFs mostly moved lower during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) gained 0.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dipped 0.1%.
  • The Global X Silver Miners ETF (NYSE:SIL) also edged down 0.1%.

Gold mining shares mostly increased on Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) rose 0.2%.
  • Barrick Gold (NYSE:ABX) fell 0.1%.
  • Eldorado Gold (NYSE:EGO) climbed 0.4%.
  • Goldcorp (NYSE:GG) increased 0.2%.
  • Kinross Gold (NYSE:KGC) rose 0.4%.
  • Newmont Mining (NYSE:NEM) also advanced 0.5%.
  • NovaGold Resources (AMEX:NG) sank 1.1%.
  • Yamana Gold (NYSE:AUY) gained 1.4%.

Silver mining shares mostly moved downward.

  • Coeur d’Alene Mines (NYSE:CDE) was flat.
  • Hecla Mining (NYSE:HL) was also unchanged.
  • Pan American Silver (NASDAQ:PAAS) declined 0.4%.
  • Silver Wheaton (NYSE:SLW) rose 1.1%.
  • Silver Standard Resources (NASDAQ:SSRI) slipped 0.1%.

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-retreats-on-draghi-remarks/.

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