Gold Retreats on Draghi Remarks

by Christopher Freeburn | February 7, 2013 4:46 pm

PreciousMetalsRecap Gold Retreats on Draghi Remarks[1]Gold 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[2]. 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[3].

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.

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

Gold mining shares mostly increased on Thursday.

Silver mining shares mostly moved downward.

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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  2. CME Group:
  3. BullionVault:
  4. GLD:
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  7. GDX:
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  10. AEM:
  11. ABX:
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  14. KGC:
  15. NEM:
  16. NG:
  17. AUY:
  18. CDE:
  19. HL:
  20. PAAS:
  21. SLW:
  22. SSRI:
  23. BullionVault:

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