Gold Drops as U.S. Dollar Rally Continues

Silver slid as well while mining stocks took it on the chin again

   

Gold Drops as U.S. Dollar Rally Continues

PreciousMetalsRecap Gold Drops as U.S. Dollar Rally ContinuesGold dropped in Friday trading as the U.S. dollar resumed its advance and better-than-expected economic reports buoyed investor optimism. The metal declined for the seventh consecutive session after the Conference Board’s leading economic index and the University of Michigan/Thomson Reuters consumer sentiment index both climbed more than expected.

Gold futures for June delivery fell 1.6% to $1,364.70 per ounce on Friday, according to CME Group. Gold traded as high as $1,391.30 and as low as $1,357.60. Gold bullion closed in London at $1,360, according to BullionVault.

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Silver futures for June delivery sank 1.4% to $22.34 per ounce. Friday’s high for silver was $22.69 while the low was $22.24.

Gold and silver funds dropped in Friday trading.

  • The SPDR Gold Trust (GLD) slid 2.3%.
  • The iShares Gold Trust (IAU) also fell 2.3%.
  • The iShares Silver Trust (SLV) declined 2.5%.

Gold and silver mining ETFs slumped during the day.

  • The Market Vectors Gold Miners ETF (GDX) sank 4%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) tumbled 5.1%.
  • The Global X Silver Miners ETF (SIL) fell 4%.

Gold mining shares retreated on Friday.

  • Agnico-Eagle Mines (AEM) dropped 4.8%.
  • Barrick Gold (ABX) declined 3.6%.
  • Eldorado Gold (EGO) slipped 4.1%.
  • Goldcorp (GG) moved down 3.9%.
  • Kinross Gold (KGC) sank 2.8%.
  • Newmont Mining (NEM) fell 2.9%.
  • NovaGold Resources (NG) slid 3.2%.
  • Yamana Gold (AUY) dove 5.7%.

Silver mining shares pulled back during the day.

  • Coeur d’Alene Mines (CDE) slumped 3.3%.
  • Hecla Mining (HL) dipped 1.5%.
  • Pan American Silver (PAAS) dropped 2.8%.
  • Silver Wheaton (SLW) sank 3.6%.
  • Silver Standard Resources (SSRI) declined 3.4%.

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/2013/05/gold-drops-as-u-s-dollar-rally-continues/.

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