Gold Drops on Cyprus Bank Calm, Posts Slight Monthly Gain

Gold and silver declined, while miners were mixed

   

PreciousMetalsRecap Gold Drops on Cyprus Bank Calm, Posts Slight Monthly GainRelative calm in Cyprus as the island nation’s bank re-opened under a European bailout bolstered hopes that the eurozone has avoided another crisis, sending gold down in Thursday trading. The metal closed the month with a 1% gain, though it remains down 5% for the first calendar quarter.

Gold futures for May delivery dropped 0.7% to $1,595.20 per ounce on Thursday, according to CME Group. Gold traded as high as $1,606.30 and as low as $1,594.20. Gold bullion closed in London at $1,598, according to BullionVault.

gold and silver 630 200x200 Gold Drops on Cyprus Bank Calm, Posts Slight Monthly Gain
Is It Time to Buy Gold and Silver?

Silver futures for May delivery fell 1% to $28.32 per ounce. Thursday’s high for silver was $28.81, while the low was $28.17.

Gold and silver funds retreated in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) fell 0.6%.
  • The iShares Gold Trust (NYSE:IAU) slid 0.5%.
  • The iShares Silver Trust (NYSE:SLV) dropped 1.1%.

Gold and silver mining ETFs sank during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) dipped 0.4%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) tumbled 1.6%.
  • The Global X Silver Miners ETF (NYSE:SIL) declined 0.7%.

Gold mining shares were mixed on Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) rose 1.1%.
  • Barrick Gold (NYSE:ABX) inched up 0.1%.
  • Eldorado Gold (NYSE:EGO) fell 1%.
  • Goldcorp (NYSE:GG) slipped 0.3%.
  • Kinross Gold (NYSE:KGC) declined 0.5%.
  • Newmont Mining (NYSE:NEM) increased 0.3%.
  • NovaGold Resources (AMEX:NG) plunged 4.4%.
  • Yamana Gold (NYSE:AUY) edged up 0.1%.

Silver mining shares moved lower during the day.

  • Coeur d’Alene Mines (NYSE:CDE) fell 0.3%.
  • Hecla Mining (NYSE:HL) tumbled 2.2%.
  • Pan American Silver (NASDAQ:PAAS) sank 1.2%.
  • Silver Wheaton (NYSE:SLW) retreated 1%.
  • Silver Standard Resources (NASDAQ:SSRI) declined 1.3%.

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/2013/03/gold-drops-on-cyprus-bank-calm-posts-slight-monthly-gain/.

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