Gold Tumbles With the Rest of the Market
by Christopher Freeburn | April 3, 2013 4:34 pm
[1]A weaker-than-expected report on U.S. private sector job creation in March[2] 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[3]. 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[4].
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[5]) slid 1.1%.
- The iShares Gold Trust (NYSE:IAU[6]) fell 1.2%.
- The iShares Silver Trust (NYSE:SLV[7]) sank 1%.
Gold and silver mining ETFs dropped sharply during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX[8]) tumbled 4.5%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ[9]) plunged 6.4%.
- The Global X Silver Miners ETF (NYSE:SIL[10]) dropped 3.7%.
Gold mining shares pulled back strongly on Wednesday.
- Agnico-Eagle Mines (NYSE:AEM[11]) sank 5.4%.
- Barrick Gold (NYSE:ABX[12]) declined 5.6%.
- Eldorado Gold (NYSE:EGO[13]) slumped 4.9%.
- Goldcorp (NYSE:GG[14]) retreated 3.6%.
- Kinross Gold (NYSE:KGC[15]) plunged 6%.
- Newmont Mining (NYSE:NEM[16]) fell 3.4%.
- NovaGold Resources (AMEX:NG[17]) plummeted 7%.
- Yamana Gold (NYSE:AUY[18]) declined 4.5%.
Silver mining shares fell forcefully during the day, too.
- Coeur d’Alene Mines (NYSE:CDE[19]) dropped 5%.
- Hecla Mining (NYSE:HL[20]) sank 4.6%.
- Pan American Silver (NASDAQ:PAAS[21]) fell 4.1%.
- Silver Wheaton (NYSE:SLW[22]) retreated 4.3%.
- Silver Standard Resources (NASDAQ:SSRI[23]) tumbled 6.7%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[24] contributed to this report.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- report on U.S. private sector job creation in March: https://investorplace.com/2013/04/companies-made-fewer-new-hires-in-march/
- 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-tumbles-with-the-rest-of-the-market/