Gold Sags as U.S. Dollar Rises, Equities Fall
by Christopher Freeburn | April 17, 2013 4:44 pm
[1]Gold 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[2]. 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[3].
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[4]) was flat.
- The iShares Gold Trust (NYSE:IAU[5]) slipped 0.2%.
- The iShares Silver Trust (NYSE:SLV[6]) fell 1%.
Gold and silver mining ETFs pulled back sharply during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[7]) tumbled 5.1%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[8]) dropped 5.3%.
- The Global X Silver Miners ETF (NYSE:SIL[9]) sank 5.9%.
Gold mining shares sank on Wednesday.
- Agnico-Eagle Mines (NYSE:AEM[10]) fell 4.8%.
- Barrick Gold (NYSE:ABX[11]) declined 6.5%.
- Eldorado Gold (NYSE:EGO[12]) slid 4.7%.
- Goldcorp (NYSE:GG[13]) dipped 2%.
- Kinross Gold (NYSE:KGC[14]) tumbled 7.9%.
- Newmont Mining (NYSE:NEM[15]) moved down 4.2%.
- NovaGold Resources (AMEX:NG[16]) plunged 7.7%.
- Yamana Gold (NYSE:AUY[17]) dropped 4.7%.
Silver mining shares skidded during the day.
- Coeur d’Alene Mines (NYSE:CDE[18]) plummeted 9.8%.
- Hecla Mining (NYSE:HL[19]) fell 6.3%.
- Pan American Silver (NASDAQ:PAAS[20]) slid 5.6%.
- Silver Wheaton (NYSE:SLW[21]) sank 6.9%.
- Silver Standard Resources (NASDAQ:SSRI[22]) dropped 8.4%.
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: http://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/2013/04/gold-sags-as-u-s-dollar-rises-equities-fall/