by Christopher Freeburn | June 20, 2013 4:39 pm
Gold joined equities and other commodities in a broad and sharp selloff on Thursday, falling below $1,300 an ounce. Global markets continued to sink on the heels of yesterday’s comments by Federal Reserve Chairman Ben Bernanke signaling that the Fed could begin slowing its monthly bond-buying later this year.
While Bernanke’s remarks suggested confidence in the strength of the U.S. economy, equities markets continued their downward spin for a second day. The U.S. dollar, by contrast, surged against other world currencies.
Gold futures for July delivery plummeted 6.4% to $1,285.90 per ounce on Thursday, according to CME Group. Gold traded as high as $1,349.80 and as low as $1,280.80. Gold bullion closed in London at $1,281, according to BullionVault.
Silver futures for July delivery plunged 8.3% to $19.82 per ounce. Thursday’s high for silver was $21.28 while the low was $19.64.
Gold and silver funds sank in Thursday trading.
Gold and silver mining ETFs slumped during the day.
Gold mining shares nose-dived on Thursday.
Silver mining shares pulled back sharply 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.
Source URL: http://investorplace.com/2013/06/gold-keeps-sinking-on-bernanke-remarks/
Short URL: http://invstplc.com/1fAuRKW
Copyright ©2016 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.