Gold Dips Again on Stronger U.S. Dollar

by Christopher Freeburn | August 29, 2013 4:43 pm

Gold Dips Again on Stronger U.S. Dollar

PreciousMetalsRecap Gold Dips Again on Stronger U.S. Dollar[1]After 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 futures for December delivery slipped 0.4% to $1,412.90 per ounce on Thursday, according to CME Group[2]. 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[3].

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.

Gold and silver mining ETFs rose during the day.

Gold mining shares mostly advanced on Thursday.

Silver mining shares were mixed 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.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com
  3. BullionVault: http://www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  11. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  12. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  13. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

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