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Gold Tumbles With the Rest of the Market

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


Gold Silver GLD IAU SLVA 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.

Go for the Gold! (But Do It Quickly)
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/.

©2016 InvestorPlace Media, LLC

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