Gold Sags as U.S. Dollar Rises, Equities Fall

Gold and silver decline, while miners tumbled

   

Gold Sags as U.S. Dollar Rises, Equities Fall

PreciousMetalsRecap Gold Sags as U.S. Dollar Rises, Equities FallGold futures shrugged off signs of increased Asian bullion-buying to finish lower on Wednesday. Investors ignored gold and sought refuge in the U.S. dollar as equity markets declined during the day.

Gold futures for May delivery dipped 0.3% to $1,382.20 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,394.10 and as low as $1,365.60. Gold bullion closed in London at $1,376, according to BullionVault.

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Silver futures for May delivery dropped 1.4% to $23.31 per ounce. Wednesday’s high for silver was $23.73, while the low was $22.84.

Gold and silver funds mostly declined in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) was flat.
  • The iShares Gold Trust (NYSE:IAU) slipped 0.2%.
  • The iShares Silver Trust (NYSE:SLV) fell 1%.

Gold and silver mining ETFs pulled back sharply during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) tumbled 5.1%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) dropped 5.3%.
  • The Global X Silver Miners ETF (NYSE:SIL) sank 5.9%.

Gold mining shares sank on Wednesday.

  • Agnico-Eagle Mines (NYSE:AEM) fell 4.8%.
  • Barrick Gold (NYSE:ABX) declined 6.5%.
  • Eldorado Gold (NYSE:EGO) slid 4.7%.
  • Goldcorp (NYSE:GG) dipped 2%.
  • Kinross Gold (NYSE:KGC) tumbled 7.9%.
  • Newmont Mining (NYSE:NEM) moved down 4.2%.
  • NovaGold Resources (AMEX:NG) plunged 7.7%.
  • Yamana Gold (NYSE:AUY) dropped 4.7%.

Silver mining shares skidded during the day.

  • Coeur d’Alene Mines (NYSE:CDE) plummeted 9.8%.
  • Hecla Mining (NYSE:HL) fell 6.3%.
  • Pan American Silver (NASDAQ:PAAS) slid 5.6%.
  • Silver Wheaton (NYSE:SLW) sank 6.9%.
  • Silver Standard Resources (NASDAQ:SSRI) dropped 8.4%.

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/2013/04/gold-sags-as-u-s-dollar-rises-equities-fall/.

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