by Christopher Freeburn | June 27, 2013 4:43 pm
Investors gave gold the cold shoulder on Thursday, sending the metal down again. Gold’s safe-haven appeal has been greatly diminished since Bernanke said the Fed could reduce monthly bond-buying by the end of this year.
While gold tumbles, equities markets are surging, regaining most of the ground lost immediately after Bernanke’s remarks. The U.S. dollar also extended its gains against other currencies during the day.
Gold futures for July delivery dropped 1.5% to $1,211.40 per ounce on Thursday, according to CME Group. Gold traded as high as $1,241.60 and as low as $1,199.50. Gold bullion closed in London at $1,204, according to BullionVault.
Silver futures for July delivery dipped 0.3% to $18.53 per ounce. Thursday’s high for silver was $18.93 while the low was $18.34.
Gold and silver funds declined in Thursday trading.
Gold and silver mining ETFs improved during the day.
Gold mining shares mostly advanced on Thursday.
Silver mining shares recovered during the day.
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.
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