Gold Drops on Cyprus Bank Calm, Posts Slight Monthly Gain
by Christopher Freeburn | March 28, 2013 4:34 pm
[1]Relative 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[2]. 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[3].
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[4]) fell 0.6%.
- The iShares Gold Trust (NYSE:IAU[5]) slid 0.5%.
- The iShares Silver Trust (NYSE:SLV[6]) dropped 1.1%.
Gold and silver mining ETFs sank during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) dipped 0.4%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) tumbled 1.6%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) declined 0.7%.
Gold mining shares were mixed on Thursday.
- Agnico-Eagle Mines (NYSE:AEM[10]) rose 1.1%.
- Barrick Gold (NYSE:ABX[11]) inched up 0.1%.
- Eldorado Gold (NYSE:EGO[12]) fell 1%.
- Goldcorp (NYSE:GG[13]) slipped 0.3%.
- Kinross Gold (NYSE:KGC[14]) declined 0.5%.
- Newmont Mining (NYSE:NEM[15]) increased 0.3%.
- NovaGold Resources (AMEX:NG[16]) plunged 4.4%.
- Yamana Gold (NYSE:AUY[17]) edged up 0.1%.
Silver mining shares moved lower during the day.
- Coeur d’Alene Mines (NYSE:CDE[18]) fell 0.3%.
- Hecla Mining (NYSE:HL[19]) tumbled 2.2%.
- Pan American Silver (NASDAQ:PAAS[20]) sank 1.2%.
- Silver Wheaton (NYSE:SLW[21]) retreated 1%.
- Silver Standard Resources (NASDAQ:SSRI[22]) declined 1.3%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.cmegroup.com
- BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
Source URL: https://investorplace.com/2013/03/gold-drops-on-cyprus-bank-calm-posts-slight-monthly-gain/