Gold Dips Again on Stronger U.S. Dollar

Gold and silver fell, while miners mostly moved higher

   

Gold Dips Again on Stronger U.S. Dollar

PreciousMetalsRecap Gold Dips Again on Stronger U.S. DollarAfter surging strongly earlier in the week, gold futures fell for a second straight session on Thursday. The metal came under pressure from a strengthening U.S. dollar and signs that Western military intervention in the Syrian civil war may not be as imminent as previously thought.

First-time claims for U.S. unemployment benefits last week fell by 6,000, remaining close to six-year lows. That boosted the dollar against other currencies. Meanwhile, British Prime Minister David Cameron backed away from calls for immediate strikes on Syria in the face of mounting opposition in Parliament, and U.S. President Barack Obama said that no decision had yet been made about potential air strikes.

gold 200x200 Gold Dips Again on Stronger U.S. Dollar
5 Reasons Gold Prices Will Rise

Gold futures for December delivery slipped 0.4% to $1,412.90 per ounce on Thursday, according to CME Group. Gold traded as high as $1,418.60 and as low as $1,402.10. Gold bullion closed in London at $1,410, according to BullionVault.

Silver futures for December delivery fell 1.2% to $24.14 per ounce. Thursday’s high for silver was $24.49, while the low was $23.70.

Gold and silver funds fell in Thursday trading.

  • The SPDR Gold Trust (GLD) slid 0.6%.
  • The iShares Gold Trust (IAU) also dipped 0.6%.
  • The iShares Silver Trust (SLV) sank 1.9%.

Gold and silver mining ETFs rose during the day.

  • The Market Vectors Gold Miners ETF (GDX) climbed 1%.
  • The Market Vectors Junior Gold Miners ETF (GDXJ) edged up 0.1%.
  • The Global X Silver Miners ETF (SIL) added 0.7%.

Gold mining shares mostly advanced on Thursday.

  • Agnico-Eagle Mines (AEM) dipped 0.1%.
  • Barrick Gold (ABX) climbed 1.9%.
  • Eldorado Gold (EGO) rose 0.9%.
  • Goldcorp (GG) added 1.4%.
  • Kinross Gold (KGC) edged higher 0.2%.
  • Newmont Mining (NEM) gained 1.6%.
  • NovaGold Resources (NG) dropped 5.8%.
  • Yamana Gold (AUY) increased 2.1%.

Silver mining shares were mixed during the day.

  • Coeur d’Alene Mines (CDE) slid 2.1%.
  • Hecla Mining (HL) fell 0.9%.
  • Pan American Silver (PAAS) dropped 1.1%.
  • Silver Wheaton (SLW) climbed 1%.
  • Silver Standard Resources (SSRI) added 2.4%.

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/2013/08/gold-dips-again-on-stronger-u-s-dollar/.

©2014 InvestorPlace Media, LLC

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