Gold Dips on Stronger U.S. Dollar, Soros Comments

by Christopher Freeburn | April 8, 2013 4:57 pm

Gold Silver GLD IAU SLVA strengthening U.S. dollar pushed gold down slightly in Monday trading. Adding to the metal’s woes were remarks from billionaire George Soros, who told the South China Morning Post that the metal’s poor performance during last year’s near-meltdown in Europe had “destroyed” its safe haven appeal.

Despite his lack of faith in gold, Soros predicted that central banks around the world would continue to increase their reserves of the metal.

Gold futures for May delivery slipped 0.2% to $1,572.10 per ounce on Monday, according to CME Group[1]. Gold traded as high as $1,582.20 and as low as $1,566.80. Gold bullion closed in London at $1,575, according to BullionVault[2].

Silver futures for May delivery fell 0.3% to $27.14 per ounce. Monday’s high for silver was $27.47, while the low was $27.07.

Gold and silver funds retreated in Monday trading.

Gold and silver mining ETFs moved lower during the day.

Gold mining shares slumped on Monday.

Silver mining shares also pulled back during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[22] contributed to this report.

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  22. BullionVault:

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