Gold Falls on Bank of Japan Selloff

by Christopher Freeburn | June 11, 2013 4:36 pm

Gold Silver GLD IAU SLV[1]The Bank of Japan decided not to offer more stimulus at the conclusion of its policy meeting, rattling global markets and pushing both equities and commodities down in Tuesday trading. Gold joined other commodities caught in the selloff. The metal fell hard early in the session, but recovered somewhat, closing with a just modest loss for the day.

Gold futures for July delivery slid 0.7% to $1,377.10 per ounce on Tuesday, according to CME Group[2]. Gold traded as high as $1,386.10 and as low as $1,365.50. Gold bullion closed in London at $1,381, according to BullionVault[3].

Silver futures for July delivery dropped 1.3% to $21.65 per ounce. Tuesday’s high for silver was $21.96 while the low was $21.40.

Gold and silver funds sank in Tuesday trading.

Gold and silver mining ETFs tumbled during the day.

Gold mining shares slumped on Tuesday.

Silver mining shares declined during the day.

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.

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