Gold Drops as U.S. Dollar Rally Continues
by Christopher Freeburn | May 17, 2013 4:20 pm
[1]Gold 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[2]. 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[3].
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[4]) slid 2.3%.
- The iShares Gold Trust (IAU[5]) also fell 2.3%.
- The iShares Silver Trust (SLV[6]) declined 2.5%.
Gold and silver mining ETFs slumped during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) sank 4%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) tumbled 5.1%.
- The Global X Silver Miners ETF (SIL[9]) fell 4%.
Gold mining shares retreated on Friday.
- Agnico-Eagle Mines (AEM[10]) dropped 4.8%.
- Barrick Gold (ABX[11]) declined 3.6%.
- Eldorado Gold (EGO[12]) slipped 4.1%.
- Goldcorp (GG[13]) moved down 3.9%.
- Kinross Gold (KGC[14]) sank 2.8%.
- Newmont Mining (NEM[15]) fell 2.9%.
- NovaGold Resources (NG[16]) slid 3.2%.
- Yamana Gold (AUY[17]) dove 5.7%.
Silver mining shares pulled back during the day.
- Coeur d’Alene Mines (CDE[18]) slumped 3.3%.
- Hecla Mining (HL[19]) dipped 1.5%.
- Pan American Silver (PAAS[20]) dropped 2.8%.
- Silver Wheaton (SLW[21]) sank 3.6%.
- Silver Standard Resources (SSRI[22]) declined 3.4%.
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/2013/05/gold-drops-as-u-s-dollar-rally-continues/