Strong Manufacturing Report Pushes Gold Lower
by Christopher Freeburn | August 1, 2013 4:21 pm
[1]Gold climbed in early trading Thursday, but the advance withered after a report showed better-than-expected U.S. manufacturing gains in July. Gold futures ended the day slightly lower, while the U.S. dollar climbed.
The Institute for Supply Management’s manufacturing index jumped from a reading of 50.9 in June to 55.4 last month. The surge surprised economists who were expecting the index to rise to a reading of just 52.
Gold futures for December delivery slid 0.1% to $1,311.20 per ounce Thursday, according to CME Group[2]. Gold traded as high as $1,330.7o and as low as $1,307.10. Gold bullion closed in London at $1,313, according to BullionVault[3].
Silver futures for December delivery were flat at $19.67 per ounce. Thursday’s high for silver was $20, while the low was $19.61.
Gold and silver funds slid in Thursday trading.
- The SPDR Gold Trust (GLD[4]) fell 1.1%.
- The iShares Gold Trust (IAU[5]) sank 1%.
- The iShares Silver Trust (SLV[6]) slipped 0.8%.
Gold and silver mining ETFs declined during the day.
- The Market Vectors Gold Miners ETF (GDX[7]) dropped 3.2%.
- The Market Vectors Junior Gold Miners ETF (GDXJ[8]) dipped 1.9%.
- The Global X Silver Miners ETF (SIL[9]) moved down 1.4%.
Gold mining shares slumped on Thursday.
- Agnico-Eagle Mines (AEM[10]) slid 3.2%.
- Barrick Gold (ABX[11]) slipped 0.9%.
- Eldorado Gold (EGO[12]) tumbled 5.1%.
- Goldcorp (GG[13]) sank 2.8%.
- Kinross Gold (KGC[14]) fell 2.1%.
- Newmont Mining (NEM[15]) dipped 1.4%.
- NovaGold Resources (NG[16]) dropped 2.4%.
- Yamana Gold (AUY[17]) plunged 7.9%.
Silver mining shares moved down during the day.
- Coeur d’Alene Mines (CDE[18]) fell 1.9%.
- Hecla Mining (HL[19]) moved down 0.6%.
- Pan American Silver (PAAS[20]) dropped 2.8%.
- Silver Wheaton (SLW[21]) also sank 2.8%.
- Silver Standard Resources (SSRI[22]) tumbled 5%.
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.
- [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
- CME Group: http://www.cmegroup.com
- BullionVault: http://www.bullionvault.com
- GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
- IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
- SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
- GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
- GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
- SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
- AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
- ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
- EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
- GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
- KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
- NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
- NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
- AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
- CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
- HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
- PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
- SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
- SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
- BullionVault: http://www.bullionvault.com/
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