Gold Tumbles With the Rest of the Market

Dollar, equities, commodities all drop amid weak U.S. jobs report

   

Gold Tumbles With the Rest of the Market

PreciousMetalsRecap Gold Tumbles With the Rest of the MarketA weaker-than-expected report on U.S. private sector job creation in March renewed worries over continued economic growth and sent just about everything — the U.S. dollar, equities, gold and other commodities — down sharply in Wednesday trading. The metal continued to show little safe-haven appeal, despite rising concerns among U.S. defense officials about escalating rhetoric from North Korea.

Gold futures for May delivery slid 1.4% to $1,553.10 per ounce on Wednesday, according to CME Group. Gold traded as high as $1,576.40 and as low as $1,549.40. Gold bullion closed in London at $1,561, according to BullionVault.

11103054 gold bullion 200x200 Gold Tumbles With the Rest of the Market
Go for the Gold! (But Do It Quickly)

Silver futures for May delivery fell 1.7% to $26.80 per ounce. Wednesday’s high for silver was $27.32, while the low was $26.67.

Gold and silver funds retreated in Wednesday trading.

  • The SPDR Gold Trust (NYSE:GLD) slid 1.1%.
  • The iShares Gold Trust (NYSE:IAU) fell 1.2%.
  • The iShares Silver Trust (NYSE:SLV) sank 1%.

Gold and silver mining ETFs dropped sharply during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) tumbled 4.5%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) plunged 6.4%.
  • The Global X Silver Miners ETF (NYSE:SIL) dropped 3.7%.

Gold mining shares pulled back strongly on Wednesday.

  • Agnico-Eagle Mines (NYSE:AEM) sank 5.4%.
  • Barrick Gold (NYSE:ABX) declined 5.6%.
  • Eldorado Gold (NYSE:EGO) slumped 4.9%.
  • Goldcorp (NYSE:GG) retreated 3.6%.
  • Kinross Gold (NYSE:KGC) plunged 6%.
  • Newmont Mining (NYSE:NEM) fell 3.4%.
  • NovaGold Resources (AMEX:NG) plummeted 7%.
  • Yamana Gold (NYSE:AUY) declined 4.5%.

Silver mining shares fell forcefully during the day, too.

  • Coeur d’Alene Mines (NYSE:CDE) dropped 5%.
  • Hecla Mining (NYSE:HL) sank 4.6%.
  • Pan American Silver (NASDAQ:PAAS) fell 4.1%.
  • Silver Wheaton (NYSE:SLW) retreated 4.3%.
  • Silver Standard Resources (NASDAQ:SSRI) tumbled 6.7%.

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-tumbles-with-the-rest-of-the-market/.

©2014 InvestorPlace Media, LLC

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